The Board of Directors have immense pleasure in presenting the Bank''s Annual Report along with the Audited Balance Sheet as at 31st March 2017 and the Profit & Loss Account statement for the year ended 31st March 2017.
MANAGEMENT DISCUSSION AND ANALYSIS
Macro Economic Scenario Global economy
Stagnant global trade, subdued investment and heightened policy uncertainty marked another difficult year for the world economy. While the final figures are yet to be published, as per assessment of IMF''s World Economic Outlook Report, global growth has been estimated at 3.1 percent in 2016.
Growth in Advanced economies is estimated at 1.6 percent in 2016. The growth in United States, United Kingdom, Euro Area and Japan is estimated at 1.6 percent, 2.0 percent, 1.7 percent and 0.9 percent in 2016 respectively. Growth in emerging market and developing economies (EMDEs) is estimated at 4.1 percent in 2016 reflecting receding obstacles to activity in commodity exports and continued solid domestic demand in commodity imports. Growth in China is estimated at 6.7 percent in 2016. Weak investment and productivity growth are, however, weighing on medium-term prospects across many EMDEs.
However, global trade remains subdued due to an increasing tendency towards protectionist policies, potential volatility from divergent interest rate paths and disconnects between market valuations and real activity hang over the outlook.
Rebuilding policy space, addressing vulnerabilities and enhancing international integration by promoting services trade and foreign direct investment would boost resilience and improve growth prospects of the world economy.
Against the headwinds of global economy, the domestic economy is performing as one of the fastest growing and emerging market economies in the world. As per IMF''s World Economic Outlook Report, the domestic economy growth has been estimated at 6.6 percent in 2016 and 7.2 percent in 2017.
The Reserve Bank of India (RBI) in its first bi-monthly monetary policy announced on 8th February 2017, has been projected country''s GDP growth in the fiscal 201617 at 6.9 percent and expects to recover sharply at 7.4 percent in 2017-18.
The country''s growth momentum is accompanied by strong aggregate demand, low commodity and oil prices & solid agricultural output, structural reforms, export recovery and on the back of an up stick in global economic activity and high elasticity of real export growth.
As per the second advanced estimates of national income and quarterly estimates of Gross Domestic Product (GDP) released by CSO (February 28th 2017), country''s Gross Domestic Product for the third quarter (Q3) of financial year 2016-17 grew at 7 percent after taking into consideration the impact of demonetization. It was the feeblest in over nine quarters but still stronger than expected considering the impact of government''s decision to withdraw high-value currency notes during the third quarter. Further, the CSO expects the country''s GDP growth during 2016-17 at 7.1 percent as compared to 7.9 percent in 2015-16.
Growth in Index of Industrial Production during 2016-17 recorded at 5.0 percent as against 3.4 percent of the corresponding period of last year. The cumulative growth of eight core industries having combined weight of 37.90 percent in IIP grew by 4.5 percent during Apr-Mar 2016-17, as compared to 4.0 percent in 2015-16. Manufacturing sector grew by 4.9 percent in comparison to 3.0 percent in the corresponding period of a year ago. The industrial sector experienced slow growth mainly due to lackluster performance of the capital goods industry. Service sector activities are expected to expand in trade, hotels, transport and communication services and construction sector.
Inflation is expected to be transitory and seasonal. Both Wholesale Price Index (WPI) and Consumer Price Index (CPI) remained under control throughout FY 2016-17. The WPI based inflation reached at 5.70 percent in March 2017 as compared to -0.85 percent recorded in March 2016. Consumer Price Index (Retail Inflation) dipped at 3.81 percent in March 2017 as compared to 4.83 percent in March 2016.
Money supply increased by 7.3 percent y-o-y to Rs,1,28,390.8 billion as on March 31st 2017 as against Rs,1,16,176.2 billion in the corresponding period of previous year.
External sector growth
External sector growth remained moderate during 201617 mainly on account of slowdown in global trade, decline in commodity prices and weak global demand. During Apr-Mar 2016-17 cumulative total exports (merchandise trade) increased by 4.71 percent to US$2,74,645.10 million from US$2,62,290.11 million during corresponding period of last year. On other hand, cumulative total imports during Apr-Mar 2016-17 valued at US$3,80,367.65 million, registered a negative growth of 0.17 percent in dollar terms in comparison with US$3,81,006.64 million during corresponding period of previous year. Country''s overall foreign trade for Apr-Mar 2016-17 has improved and is estimated at US$46,420.55 million which was 14.49 percent lower than the level of US$54,287.53 million in corresponding period of previous year.
Total foreign exchange reserves recorded US$3,69,955 million as on March 31st 2017 which was inched by 2.83 percent as against US$3,59,760 million reported during March 2016. Whereas, foreign currency assets grew by 3.17 percent to US$ 3,46,319 million as on 31st March 2017.
The rupee appreciated by 2.25 percent against US Dollar, 14.94 percent against GBP, 7.79 percent against Euro and 1.86 percent against Japanese Yen during Mar 2017 over the previous year.
Indian Scheduled Commercial Bank''s deposits increased by 11.76 percent y-o-y to ''1,08,051.52 billion during March 2017 as against an increase of 9.13 percent (''96681.85 billion) during the corresponding period of the previous year. On the contrary, Scheduled Commercial Bank''s credit growth rose by 5.08 percent to ''78,818.87 billion during March 2017 as compared to 10.26 percent (''75,004.97 billion) recorded during the corresponding period of the previous year.
Scheduled Commercial Bank''s investment in government and other approved securities increased by 17.85 percent y-o-y to ''30,436.59 billion during the March 2017 as compared to a growth of 1.80 percent (''25,826.33 billion) recorded during the corresponding period of a year ago.
In line with the Government''s digital India mission, all banks are endeavoring to make available their services online and digital, and also waived merchant discount rate up to March 2017. In a move to step closer towards becoming a cashless economy, NPCI with RBI launched the Unified Payment Interface (UPI) & USSD and Government of India launched BHIM app to ensure hassle free & seamless banking through mobile phones. Government also announced incentives to promote digital transactions among individuals and businessmen in the country.
The increasing stress in banking sector appeared to be continued as the Banking Stability Indicator (BSI) shows that the risks to the banking sector remained elevated due to continuous deterioration in asset quality, low profitability and liquidity. The challenges faced by the industries predominantly in iron & steel, infrastructure, power, mining and textiles led to deterioration in asset quality of the large borrowers. Therefore, it adversely affected the bank''s profit, return on assets (RoA) and return on equity (RoE) due to higher provisioning for NPAs. However, the Banking industry is going through a turnaround period with steps and measures from the regulator and the government.
VISION & MISSION AND VALUE STATEMENTS
Bank has a Vision & Mission Statement which acts as a guiding force not only for pursuing long term corporate goals but also paving way to acquire new business, improving customer service, visualize and sizing future market potentials and converting these opportunities into a long term business goal and advantages.
"Be a leading financially strong universal bank, creating value for stakeholders through customer centric, technology driven and employee friendly approach",
- Be a leading provider of banking solutions providing range of financial services to all strata of society.
- Be a highly recognized and visible brand, known for its customer service.
- Be the most preferred place to work where employees feel proud and motivated.
- Have state of the art technology & infrastructure creating delight among all stakeholders.
- To deliver strong financial and operational performance.
Our Value Statement
While vision & mission statements deal with business & corporate aspirations of the Bank, value statements are declarations about how organization values our stakeholders including customers & employees and inform them about it''s core ethical values and reminds its employees about the values and beliefs. Accordingly, Bank adopted "value statement" during the financial year 2016-17 which underlines as under.
"Good Corporate Governance through transparency in dealings in undertaking ethical business",
El Paso County Sheriff issues reprimands in so-called "fight club" probe
PostedByPam Zubeck on Thu, Jan 26, 2017 at 5:00 PM
- Dion Gillard/flickr
- A so-called "fight club" led to a county investigation. (This photo is not of an injury related to the club or the Sheriff's Office.)
That said, it's worth noting that this investigation was conducted by Elder's own department. It started some time last spring and was handled by the chain of command. "Once the investigation began, based on the complexity and the size of the investigation, it was determined the investigation would be completed by Professional Standards," the Sheriff's Office says in a release obtained Thursday by the Independent in response to an open records request submitted earlier this month.
The upshot is that besides the findings that are listed here, Elder has ordered "an assessment of use of force agency wide," which could lead to change policy or revamp training. The study is ongoing and the Sheriff's Office gave no hint at when it might be done.
Here are the actions resulting from the internal investigation:
1. No sustained violations of Sheriff’s Office policy regarding inappropriate use of forceHere is the entire four-page account of the "fight club" investigation:
2. Six letters of counseling were issued regarding the policy violation: Conduct Unbecoming. Three of the six letters were given to supervisors.
3. Four letters of reprimand were issued regarding these policy violations: Conduct Unbecoming, Respect for Commanding Officers, Citizens and Other Employees, and Performance of Duty.
4. The actions of five EPSO deputies were reviewed and it was decided they did not violate policy and acted according to policy. (allegations unfounded).
We first reported on allegations of a fight club in the Criminal Justice Center last May in a blog.
We followed up with an update based on comments from Elder during a meeting he held with the media on Aug. 8, 2016.
From our blog:
Asked about the "Fight Club" investigation in the Criminal Justice Center, Elder said a internal affairs probe is underway of a situation he disputed as similar to the movie of that name. He said more interviews are being conducted before the investigation concludes in two to three weeks. He said he won't make the entire IA report public, but something will be released.
Sources have described a game inside the jail in which detention deputies kept score of how many inmates they could brutalize and get away with it. One former deputy told the Independent he reported what he viewed as "a lot of deputies' use of force" but his concerns were dismissed.
"A lot of deputies are there who just want to go to that next step and fight somebody," the source said.
Tags: Criminal Justice Center, El Paso County, Sheriff Bill Elder, Fight Club, use of force, Image