1. We have audited the accompanying standalone
financial statements of Bank of Maharashtra, which
comprise the Balance Sheet as at 31st March 2026,
the Profit and Loss Account and the Statement of
Cash Flows for the year then ended, and notes to
standalone financial statements including a summary
of significant accounting policies and other
explanatory information in which are included the
returns for the year ended on that date of the Head
Office, 20 branches and one Treasury and
International Banking Division audited by us and 633
branches (including 1 International Banking Unit
situated in Gujarat International Finance Tec-City)
audited by Statutory Branch Auditors of the Bank.
The branches audited by us and those audited by
other auditors have been selected by the Bank in
accordance with the guidelines issued to the Bank by
the Reserve Bank of India. Also incorporated in the
Balance Sheet, the Profit and Loss Account and the
Statement of Cash Flows are the returns from 2132
branches which have not been subjected to audit.
These unaudited branches account for 21.45% of
advances, 47.35% of deposits, 21.80% of interest
income and 47.65% interest expenses.
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 the Banking Regulation Act,
1949 in the manner so required for bank and are in
conformity with accounting principles generally
accepted in India and:
a) the Balance Sheet, read with the notes thereon is
a full and fair Balance Sheet containing all the
necessary particulars, is properly drawn up so as
to exhibit a true and fair view of the state of
affairs of the Bank as at 31st March, 2026;
b) the Profit and Loss Account, read with the notes
thereon shows a true balance of profit for the
year ended 31st March, 2026 and
c) the Statement of Cash Flows gives a true and fair
view of the cash flows for the year ended on that
date.
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 Standards 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 together
with ethical requirements that are relevant to our audit
of the standalone financial statements prepared in
accordance with the accounting principles generally
accepted in India, including the applicable Accounting
Standards issued by the ICAI, and provisions of
section 29 of the Banking Regulation Act, 1949 and
circulars, directions and guidelines issued by the
Reserve Bank of India ('RBI”) from time to time 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 a
basis for our opinion.
3. We draw attention to Note No. 4(x) in Schedule 18 of
the Standalone Financial Statements which states
that the bank holds additional COVID-19 related
provision amounting to Rs. 1010 Crores as
contingency provision as on 31 March 2026.
4. We draw attention to Note 17 in Schedule 18 of
Standalone Financial Statements which states that in
respect of investments in the associate Maharashtra
Gramin Bank, pursuant to the amalgamation of
Vidarbha Konkan Gramin Bank with Maharashtra
Gramin Bank, an impairment loss of Rs. 280.59 Crore
has been recognised in the Standalone Financial
Statements.
Our Opinion is not modified in respect of these
matters.
5. 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 2026. 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 prescribed below to be the key audit matters to be
communicated in our report.
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Sr.
No.
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Key Audit Matters
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How our Audit procedures addressed
the Key Audit Matters
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1.
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Classification of advances and compliance with
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Our audit approach towards the advances portfolio of
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RBI IRACP guidelines:
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the bank included a combination of both - testing of
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(Refer Schedule 9 to the Balance sheet and Note No.
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the design and operating effectiveness of the internal
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4 of Schedule 17 - Significant Accounting Policies
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controls, related processes and substantive
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annexed to and forming part of the standalone
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procedures in relation to classification of advances
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financial statements for the year ended March 31,
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and compliance with RBI's IRACP guidelines. Our
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2026)
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audit procedures included:
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As of March 31, 2026, Advances constitute a
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a) Reviewing the logic and assumptions used in the
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significant portion @ 67.41% of the total assets of the
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CBS and other related IT systems for compliance
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Bank. Advances include Bills purchased and
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of the IRACP norms for identification, classification
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discounted, Cash credits, Overdrafts, Loans repayable
on demand and Term loans. These are further
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and provisioning of the non-performing advances.
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categorised on the basis of security, guarantee and
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b) Obtained information in respect of manual
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sectors.
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interventions required in system-based
identification and classification of NPAs, evaluated
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The Bank classifies advances into performing
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the compensating controls for such manual
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advances or non-performing advances (NPA) based
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interventions including authorisation, review and
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on the master circulars / directions issued by Reserve
Bank of India (RBI) contained in “Prudential Norms for
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reporting mechanism thereof.
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Income Recognition, Asset Classification and
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c) Obtained and reviewed the Risk Control Matrix
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Provisioning for Advances” (IRACP), as applicable for
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(RCM) pertaining to the advances and tested the
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the financial year. The instructions / guidelines issued
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design and operating effectiveness of key internal
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by RBI are applicable for all the credit facilities
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financial controls with respect to classification of
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sanctioned by the Bank and are to be mandatorily
followed for the purpose of Income Recognition, Asset
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advances and provisioning thereof.
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Classification and Provisioning.
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d) Involved our internal IT expert for testing IT
general controls over Income Recognition, Asset
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The IT environment of the Bank is complex and
involves a number of independent and interdependent
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Classification and Provisioning process in CBS.
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IT systems (including Core Banking Systems CBS)
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e) Recomputed on sample basis the overdues, days
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used in the operations of the Bank for processing and
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past due and tested whether the accounts are
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recording a large volume of transactions. As a result,
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classified as performing / SMA / NPA accordingly,
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there is a high degree of reliance and dependency on
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verified the reporting to RBI's Central Repository of
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such IT systems for the financial reporting process of
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Information on Large Credits ('CRILC'), the dates
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the Bank.
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of NPA (in case of NPA accounts) and ensured that
applicable provisioning are made as per the RBI
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The Bank relies on its CBS for identification of NPA,
further categorisation thereof, provisioning and for
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guidelines and policy of the Bank.
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compliance with the applicable regulatory guidelines.
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f) Performed various analytical procedures to
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Further, the Bank also avails the services from various
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ascertain the trends in the movement of total
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experts such as independent valuers, legal experts
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advances, NPA and stressed portfolio.
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etc. to determine the valuations and enforceability of
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g) Obtained and perused, on test basis, the reports of
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security taken against such advances.
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the concurrent audits, internal inspections,
management audits, revenue audits, audit of
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Considering the high degree of complexity, the
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IRACP logic at product level, Regulatory audits,
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classification of advances, provisioning and
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etc. in order to assess the existence and
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compliance with RBI IRACP guidelines requires
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effectiveness of controls, monitoring and
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considerable level of management judgment,
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supervision, adherence to the policies, procedures,
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estimates and application both quantitative as well as
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delegation of powers, instructions from the
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Sr.
No.
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Key Audit Matters
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How our Audit procedures addressed
the Key Audit Matters
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1.
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qualitative factors prescribed by the regulations.
There is a significant risk of material misstatement if
the RBI' IRACP guidelines with respect to
classification of advances and provisioning are not
followed properly. Accordingly, in terms of guidelines
contained in Standard on Auditing - SA 701
“Communicating Key Audit Matters in the Independent
Auditor's Report”, we have identified this aspect as a
key audit matter.
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controlling offices, compliance and governance
mechanism etc.
h) In respect of branches audited by us, carried out
substantive audit procedures by way of
examination of large, stressed, restructured and
other advances on test check basis covering the
overall portfolio at respective branches including
review & perusal of reports of independent valuers,
agencies for special monitoring of large advances,
reports issued by credit / stock auditors, lenders
independent engineers etc., tested the operating
effectiveness key internal financial controls at the
branch level.
i) In accordance with SA - 600 - using the work of
another auditors, communicated with the Statutory
Branch Auditors (SBAs) for advising them to verify
the compliance with the applicable norms
regarding classification and provisioning as per
IRACP guidelines and policies and procedures
followed by the bank. Perused and relied on the
reports submitted by the SBAs.
j) Obtained and understood the process of
consolidation of advances and NPA at zonal offices
and at central office. On sample basis checked the
consolidation process to ensure correctness and
completeness.
k) As a part of our substantive audit procedures
recalculated the provisions on sample basis for
retail and corporate portfolios both for advances
under standard category on collective portfolio
basis and case to case basis in respect of NPA for
ensuring the correctness and completeness of
provisions worked out by the Bank.
l) Examined the adequacy and appropriateness of
the related presentation & disclosures as per
applicable accounting standards and regulatory
guidelines.
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2.
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Classification and Valuation of Investments:
(Refer Schedule 8 to the Balance sheet Note No. 3 of
Schedule 17 of Significant Accounting policies to the
Standalone Financial Statements)
Investment portfolio of the bank comprises of
Investments in Government Securities, Bonds,
Debentures, Shares, Security Receipts and other
Approved Securities which are classified under three
categories, Held to Maturity (HTM), Available for Sale
(AFS) and Fair Value through Profit or Loss (FVTPL)
with subcategory of Held for trading (HFT).
Investments constitute 23.75% of the Bank's total
assets as at March 31, 2026 and Interest on
Investments comprises 19.86% of the Bank's total
income for the year ended March 31, 2026.
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Our audit approach towards classification and
valuation of investment portfolio is with reference to
the RBI Circulars / directives which includes a
combination of test of the design, implementation, and
operating effectiveness of internal controls, related
process and substantive procedures in relation to
classification, valuation, identification of non¬
performing investments (NPIs), provisioning /
depreciation related to Investments.
Our audit procedures with respect to audit of
classification and valuation of investment portfolio
includes:
a) We understood and reviewed the methodology and
internal control system adopted by the Bank to
comply with relevant RBI guidelines regarding
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Sr.
No.
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Key Audit Matters
|
How our Audit procedures addressed
the Key Audit Matters
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2.
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These are governed by the circulars and directives of
the Reserve Bank of India (RBI), which inter-alia,
cover valuation of investments, classification of
investments, recognition of income on investments,
identification of non-performing investments, the
corresponding non-recognition of income and
provision there against.
The valuation of each category (type) of the aforesaid
securities is to be done as per the valuation hierarchy
prescribed in circulars and directives issued by the
RBI which involves collection of data/information from
various sources such as FIMMDA/ FBIL rates, rates
quoted on BSE/NSE, financial statements of unlisted
companies, NAVs of mutual funds, AIFs, VCFs,
Security Receipts etc.
Considering the complexity and significant judgement
involved in investment valuation, the volume of
transactions, the size of the investment portfolio, and
the heightened regulatory focus, our audit
concentrated on the valuation of investments, their
classification, identification of non performing
investments, and the related provisioning. Accordingly,
this area has been determined to be a Key Audit
Matter.
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valuation, classification, income recognition,
identification of Non-Performing Investments
(NPIs) and provisioning / depreciation related to
investments;
b) We have performed a review, on a sample basis,
of investment agreements, term sheets, deal
tickets and broker contract notes executed during
the year to obtain an understanding of the key
terms and conditions of investments which had an
impact on the valuation of the investment portfolio.
c) For the selected sample of investments, tested the
existence, accuracy, completeness and
compliance with the RBI guidelines and directives
for each category of the security. Samples were
selected in such a way that all the categories of
investments (based on nature of security) were
covered.
d) Verified Investment portfolio on sample basis and
performed various substantive analytical
procedures in determination of Income, gain / loss
on sale and tested the controls implemented by
the Bank in recognizing the profit / loss to profit
and loss account.
e) We have performed an assessment of the design
and implementation of controls and evaluated the
process adopted by management for collection
and aggregation of information from various
sources for determination of fair value of
investments. In addition, we have carried out
independent valuation procedures, on a test check
basis, in respect of unquoted investments using
valuation methodologies prescribed under the
applicable RBI guidelines, and compared the
results with the values determined by
management.
f) We have assessed the process for identification of
NPIs, including the related reversal of income and
creation of provisions, with reference to applicable
guidelines issued by the RBI. On a sample basis,
tested investments across categories to evaluate
compliance with the RBI norms for NPI
classification. Further, performed substantive
procedures, including independent re-computation
of provisions and depreciation required to be
maintained, in accordance with the relevant RBI
circulars and directives.
g) Reviewed the reports of the internal audits,
concurrent audits etc. conducted by the bank.
h) We have ensured that adequate disclosures have
been made by way of Notes to the financial
statements as mandated by the RBI guidelines.
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Sr.
No.
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Key Audit Matters
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How our Audit procedures addressed
the Key Audit Matters
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3.
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Information Technology Systems and Control
Framework:
The Bank is having complex Information Technology
environment which comprises of various
interdependent IT systems and applications used in
the day-to-day operations of the Bank for processing
and recording large volume of transactions across
various locations. Further the Bank's key financial
accounting and reporting processes are highly
dependent on the Core Banking Solution (CBS),
Treasury Solutions, IRAC and and other allied
systems, software, network and hardware controls.
Considering the high-level of automation, complexity
of the IT architecture, simultaneous and significant
use of IT systems, appropriate IT general controls and
application controls are required to ensure that such
IT systems are able to process the data, as expected,
completely, accurately and consistently for reliable
financial reporting.
Hence, IT system controls have been considered as a
Key Audit Matter as any control lapses, validation
failures, incorrect input data and wrong extraction of
data may result in wrong reporting to the management
and regulators.
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Our significant audit procedures included the
following:
a) We involved our internal IS Audit team and
obtained an understanding of the Bank's IT related
control environment, IT applications relevant for
the purpose of our audit of the financial
statements.
b) For this purpose, we had discussions with the
process owners with respect to various IT policies,
processes and procedures put in place by the
Bank. Reviewed these IT policies and procedures
including user management, change manage¬
ment, backup and recovery procedures, system &
cyber security, incident management, physical and
environment security, standard operating
procedures, Segregation of duties, BCP, DRP,
service level agreements, security policies to
ensure that these are in line with business
requirements of the Bank and comply with the
relevant regulatory guidelines in this regard.
c) Tested the design and operating effectiveness of
the Bank's IT controls over the IT applications.
Tested IT general controls particularly, logical
access, change management and aspects of IT
operational controls.
d) Tested that requests for access to systems were
appropriately reviewed and authorized; tested
controls around Bank's periodic review of access
rights; inspected requests of changes to systems
for appropriate approvals and authorizations.
e) Reviewed and placed reliance on the reports of
various specialised audits by internal / external IS
Auditors, consultants appointed by the Bank and
discussed with IT Department on compliance with
key IT controls, including IRAC Automation
Controls.
f) In addition to the above, we tested the design and
operating effectiveness of certain automated
controls that were considered as key internal
controls over -financial reporting.
g) On sample basis, verified the results obtained from
the systems with the other information sources;
and tested logic used for extracting the data.
h) Tested combination of compensating controls or
remediated controls such as reconciliations
between systems and other information sources
and / or performed alternative audit procedures,
where necessary.
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Sr.
No.
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Key Audit Matters
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How our Audit procedures addressed
the Key Audit Matters
|
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4.
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Provisions and Contingent Liability:
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Our audit procedures with respect to audit of
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Assessment of Provisions and Contingent Liability in
respect of certain litigations on various claims filed by
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provisions and contingent liability includes:
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other parties not acknowledged as debt (Note No. 10
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a) We have obtained an understanding of Internal
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of Schedule 17 and Note No. 16 of Schedule 18)
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Controls relevant to the audit in order to design our
audit procedures that are appropriate in the
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There is high level of judgement required in estimating
the level of provisioning. The Bank's assessment is
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circumstances.
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supported by the facts of matter, their own judgement,
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b) Understanding the current status of the litigations /
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past experience, and advice from legal and
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tax assessments. Examining recent orders and
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independent experts wherever considered necessary.
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communications received from various tax
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Accordingly, unexpected adverse outcomes may
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authorities / judicial forums and follow up actions
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significantly impact the Bank's reported profit and
state of affairs presented in Balance Sheet.
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thereon;
c) Evaluated the merit of the subject matter under
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We determined the above area as a Key Audit Matter
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consideration with reference to the grounds
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in view of associated uncertainty relating to outcome
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presented therein and available independent legal
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of these matters which requires application of
judgement in interpretation of Law.
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/ tax advice including opinion of experts.
d) We reviewed the management's underlying
assumptions in estimating the possible outflow and
the possible outcome of the disputes. The legal
precedence and other rulings were considered in
evaluating management's position on these
uncertain tax/non tax positions. Further we have
relied upon the management judgements, industry
level deliberations and estimates for possible
outflow and opinion of internal experts of the Bank
in relations to such disputed tax positions.
e) Verified the disclosures related to significant
litigations and taxation matters.
f) Our audit was focused on analysing the facts of
subject matter under consideration and
judgements / interpretation of law involved.
g) Reliance on the work performed by the statutory
branch auditors and the rectification entries
passed based on branch audits/additional
information to the extent available at Head office.
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Information other than the Standalone Financial
Statements and Auditors' Report Thereon
6. The Bank's Board of Directors is responsible for
preparation of the other information. The other
information includes Corporate Governance Report
and Directors Report with annexures (but does not
include the Standalone Financial Statements and our
Auditors' Report thereon), which 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 Pillar 3
disclosures under the Basel III and we do not and will
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 and, in doing so,
consider whether the other information is materially
inconsistent with the Standalone Financial Statements
or our knowledge obtained during the course of audit
or otherwise appears to be materially misstated.
If, based on the work we have performed on the
Other Information that we obtained prior to the date of
this Auditors' Report, we conclude that there is a
material misstatement of this Other Information, we
are required to report that fact. We have nothing to
report in this matter.
When we read the Corporate Governance Report and
Directors' Report, if we conclude that there is a
material misstatement therein, we are required to
communicate the matter to those charged with
governance.
Responsibilities of Management and Those Charged
with Governance for the Standalone Financial
Statements
7. The Bank's Board of Directors is responsible with
respect to the preparation of these Standalone
Financial Statements that give a true and fair view of
the financial position, financial performance and cash
flows of the Bank in accordance with the accounting
principles generally accepted in India, including the
Accounting Standards issued by ICAI to the extent
applicable, and provisions of Section 29 of the
Banking Regulation Act, 1949 and circulars and
guidelines issued by the Reserve Bank of India ('RBI')
from time to time. This responsibility also includes
maintenance of adequate accounting records in
accordance with the provisions of the Act 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,
Board of Directors is 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.
Auditors' Responsibilities for the Audit of the
Standalone Financial Statements
8. 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:
Ý Identify and assess the risks of material
misstatement of the Standalone Financial
Statements, whether due 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.
Ý Obtain an understanding of Internal Control
relevant to the Audit in order to design Audit
procedures that are appropriate in the
circumstances. As required by RBI letter
DOS.ARG No.6270/08.91.001/2019-20 dated
March 17, 2020 (as amended), we are also
responsible for expressing our opinion on
whether the bank has adequate internal financial
controls with reference to standalone financial
statements in place and the operating
effectiveness of such controls.
Ý Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
Ý 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.
Ý 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.
Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of
Standalone Financial Statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our Audit work and
evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the
Standalone Financial Statements.
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 of the current period
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
9. a) We did not audit the financial statements /
information of 633 branches (including 1
International Banking Unit situated in Gujarat
International Finance Tec-City) included in the
Standalone Financial Statements of the Bank
whose Financial Statements / Financial
Information reflect total advances of Rs.
102743.26 crores, total deposits of Rs.
168025.14 crores as at March 31, 2026 and total
revenue of Rs. 11816.13 crores for the year
ended on that date, as considered in the
Standalone Financial Statements. These
branches cover 35.19% of advances, 47.93% of
deposits and 44.83% of non-performing assets as
at March 31, 2026 and 36.00% of revenue for the
year ended March 31, 2026. The Financial
Statements / Information of these branches have
been audited by the Branch Auditors whose
reports have been furnished to us, and our
opinion in so far as it relates to the amounts and
disclosures included in respect of branches, is
based solely on the report of such Branch
Auditors.
b) The standalone financial statements of the bank
for the previous year ended 31st March 2025
were audited by the joint auditors, 2 of them were
predecessor audit firms and expressed
unmodified opinion on such financial statements
vide report dated 25th April 2025.
Our opinion is not modified in respect of these
matters.
Report on Other Legal and Regulatory Requirements
10. The Standalone Balance Sheet and the Standalone
Profit and Loss Account have been drawn up in
accordance with Section 29 of the Banking
Regulation Act, 1949;
Subject to the limitations of the audit indicated in
paragraphs 7 to 9 above and as required by Banking
Companies (Acquisition and Transfer of
Undertakings) Act, 1970/1980, and subject also to the
limitations of disclosure required therein and as
required by sub-section (3) of section 30 of the
Banking Regulation Act, 1949, we report that:
a) We have obtained all the information and
explanations which, to the best of our knowledge
and belief, were necessary for the purposes 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) The returns received from the offices and
branches of the Bank have been found adequate
for the purposes of our audit.
11. As required by letter no. DOS.ARG. No.6270/
08.91.001/2019-20 dated March 17, 2020 on
“Appointment of Statutory Central Auditors (SCAs) in
Public Sector Banks - Reporting obligations for SCAs
from FY 2019-20”, read with subsequent
communications dated May 19, 2020 issued by the
RBI, we further report on the matters specified in
paragraph 2 of the aforesaid letter as under:
a) In our opinion, the aforesaid Standalone Financial
Statements comply with the applicable
Accounting Standards issued by ICAI, to the
extent they are not inconsistent with the
accounting policies prescribed by the RBI.
b) There are no observations or comments on
financial transactions or matters which have any
adverse effect on the functioning of the bank.
c) As the bank is not registered under the
Companies Act, 2013 the disqualifications from
being a director of the bank under the sub¬
section (2) of Section 164 of the Companies Act,
2013 do not apply to the bank.
d) There are no qualifications, reservations or
adverse remarks relating to the maintenance of
accounts and other matters connected therewith.
e) Our audit report on the adequacy and operating
effectiveness of the Bank's internal financial
controls over financial reporting is given in
Annexure A to this report. Our report expresses
an unmodified opinion on the Bank's internal
financial controls over financial reporting with
reference to the Standalone Financial Statements
as at March 31, 2026.
12. We further report that:
a) 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 and proper returns adequate for the
purposes of our audit have been received from
branches not visited by us;
b) the Standalone Balance Sheet, the Standalone
Profit and Loss Account and the Standalone
Statement of Cash Flows dealt with by this report
are in agreement with the books of accounts and
with the returns received from the branches not
visited by us;
c) the reports on the accounts of the branch offices
audited by branch auditors of the Bank under
section 29 of the Banking Regulation Act, 1949
have been sent to us and have been properly
dealt with by us in preparing this report; and
d) in our opinion, the Standalone Balance Sheet, the
Standalone Profit and Loss Account and the
Standalone Statement of Cash Flows comply with
the applicable accounting standards, to the
extent they are not inconsistent with the
accounting policies prescribed by RBI.
|
For M/s. G D Apte & Co.
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For M/s. Manubhai &
Shah LLP
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For M/s. Sagar & Associates
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For M/s. S. Singhal & Co.
|
|
Chartered Accountants
|
Chartered Accountants
|
Chartered Accountants
|
Chartered Accountants
|
|
FRN - 100515W
|
FRN - 106041W/ W100136
|
FRN - 003510S
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FRN - 001526C
|
|
CA C M Dixit
Partner
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CA Vitesh D. Gandhi
Partner
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CA D. Manohar
Partner
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CA Mukesh Kumar
Khandelwal
Partner
|
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M No 017532
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M No 110248
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M No 029644
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M No 074661
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UDIN: 26017532CZPHSA4265
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UDIN: 26110248AS J P HX4461
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UDIN:26029644IVILKV8957
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UDIN:26074661 FPGZFT2758
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Place: Pune
Date: April 20, 2026
|
M/s. G D Apte & Co.
Chartered Accountants,
D-509, Neelkanth Business Park, Nathani Rd,
Vidhya Vihar West, Mumbai - 400086.
|
M/s. Manubhai & Shah LLP
Chartered Accountants,
4th Floor, Capital One, Opp. Ashok Vatika BRTS Stop,
Ambli Bopal Road, Ahmedabad 380058
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M/s. Sagar & Associates
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M/s. S. Singhal & Co.
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Chartered Accountants,
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Chartered Accountants,
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H. No. 6-3-244/5 Saradadevi Street, Premnagar,
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S-4, Gordhan Enclave, 4B, Yudhister Marg,
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Hyderabad - 500004
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C-Scheme, Jaipur - 302005
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