2019 - 20

Annual Report
2019-20

BANKING CODES AND STANDARDS

BOARD OF INDIA
www.bcsbi.org.in
PUBLISHED BY

Anand Aras
Chief Executive Officer
Banking Codes and Standards Board of India
C-7, 4th Floor, Reserve Bank of India Building
Bandra Kurla Complex
Mumbai- 400051
Annual Report 2019-20 Banking Codes and Standards Board of India

BANKING CODES AND STANDARDS BOARD OF INDIA

Annual Report of the activities of BCSBI during the year 2019-20

Introduction
As was mentioned in last year’s Annual Report, Reserve Bank of India (RBI) had advised Banking
Codes and Standards Board of India (BCSBI) in February 2019 that since RBI has institutionally been
able to undertake the activities assigned to BCSBI, BCSBI may initiate the process of its dissolution.
Accordingly, BCSBI had discontinued its activities as per objectives of the Trust effective April 1,
2019 and was working only on progressing the dissolution process. We are now in discussion with
legal and tax consultants, under advice to RBI. As advised by the consultants, we need the approval
of the members in a Special General Meeting (SGM) with a minimum of three-fifth members of
BCSBI physically present and approving resolutions for dissolution. Thereafter, the approval of the
Registrar of Societies / Charity Commissioner will be obtained.
The original target for completion of this exercise was end-September 2020 and thereafter
approximately another six months for obtaining approval/ de-registration certificate from the Charity
Commissioner / Registrar of Societies to complete the process of dissolution.
However, due to the Covid-19 pandemic, we could not call for the AGM /SGM of the members
due to restrictions on physical assembly of persons in Mumbai. While we are waiting for easing of
restrictions on assembly, we have advised our consultants to check if the dissolution resolution at
a SGM can be passed in a virtual/electronic meeting as against a physical meeting as provided in
the Societies Registration Act, 1860 and Maharashtra Public Trusts Act, 1950. The AGM has also
been delayed on account of these restrictions which delayed the finalisation of Annual Accounts for
2019-20.

Governing Council
As you are aware, the Governing Council (GC) has been functioning and discharging its duties as
per Rule Nos. 8.2, 8.3 and 8.4 of Rules and Regulations of BCSBI after the term of the GC was over
on 13th December, 2017. The quorum for any meeting of the Governing Council, as per Rule 11.4 of
Rules and Regulations of BCSBI, “shall be more than half of total members of Governing Council, out
of which at least two should be members nominated by Reserve Bank of India”.
During the year under review, Smt. Shubhalakshmi Panse (IBA nominee) and Smt. Rama Bijapurkar,
(RBI nominee) resigned from the Governing Council due to personal reasons. Accordingly, at present
the GC is functioning with a reduced strength of three members viz. Shri A C Mahajan, Shri C Krishnan
and Shri Uday Phadke in addition to an ex-officio member Shri Anand Aras, CEO of BCSBI. Out
of the three members, Shri C Krishnan and Shri Uday Phadke are RBI nominees in the Governing
Council. Hence the existing Governing Council with the current strength is able to conduct business
by complying with the quorum requirement even after the resignation of two members.
As we have already initiated the process of dissolution of BCSBI, no other activities as per objects of
BCSBI could be undertaken during the year under review. As required by the Rules, the Governing
Council has been meeting at least once in every quarter for taking decisions on process relating to
dissolution including meeting with consultants, general superintendence, directions received from
RBI and other affairs and as prescribed in the Rules. Accordingly, five meetings were held during the
year 2019-20.

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 Banking Codes and Standards Board of India Annual Report 2019-20

Progress in the Dissolution Process

On receipt of instructions from RBI to initiate the process of dissolution, BCSBI had engaged firms
namely; M/s Gokhale & Sathe - Chartered Accountants and M/s. Gautam Shah & Associates to
guide it in the dissolution process, tax and legal matters related with the Offices of the Charity
Commissioner, Mumbai, and Registrar of Societies as BCSBI is registered under both, the Maharashtra
Public Trusts Act, 1950 and the Societies Registration Act, 1860.
We may inform you that as per Rules and Regulations read with Sections 13 and 14 of the Societies
Registration Act, 1860, dissolution of BCSBI (Society) can take place only by passing a suitable
resolution in a specially convened Special General Body Meeting (SGM) with at least three-fifth of
the authorised members of the Society being present physically and voting for the resolution. As
the surplus funds of BCSBI cannot be returned to the members as per Section 14, the SGM will
also be required to approve disposal of surplus funds after meeting all expenses and taxes. We may
add that the proposal for disposal of surplus funds will be put up at the SGM for approval as per
the GC’s recommendations and advice received from RBI, subject to final approval by the Charity
Commissioner who is the deciding Authority in the matter as advised by our Consultants.
The consultants have further advised that as per Maharashtra Public Trusts Act, 1950 and Societies
Registration Act, 1860, the SGM cannot be held via video-conferencing or a webinar and has to be
held with members attending the meeting physically with proper authorisation from the member
banks to vote on the resolution. In view of the Covid-19 pandemic and restrictions on assembly
of persons, we could not call for the SGM as originally envisaged before September 2020. We are,
therefore, waiting for easing of restrictions on such assembly and in the meanwhile have also taken
up the matter with the Competent Authority, to allow us, if possible, to hold the Special General
Body Meeting on a virtual or electronic platform. Their reply is awaited. We will keep members
updated of the same.
In the interim, both the Codes, namely; Code of Bank’s Commitment to Customers and Code of
Bank’s Commitment to Micro and Small Enterprises continue to be applicable to Member Banks till
the dissolution process is completed. It is the responsibility of the Principal Code Compliance Officer
of the member banks to ensure implementation of the Codes.

Membership
During the year under review, BCSBI’s membership stood at 120 member Banks as on
31st March, 2020. (18 public sector banks, 22 private sector banks, 22 foreign banks,
3 Small Finance banks, 37 Regional Rural banks and 18 Urban Cooperative
banks). Names of member banks as on 31st March, 2020 are listed in Annexure I.
Given that the dissolution process is being progressed, no annual membership fees were collected
from the members for the year 2019-20.

BCSBI Newsletter “Customer Matters”

The quarterly Newsletter “Customer Matters” launched in 2009 with the main objective of educating
and increasing awareness of the rights of bank customers with the ultimate goal of customer
satisfaction, has been discontinued effective March 2019.

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Annual Report 2019-20 Banking Codes and Standards Board of India

Funds Position
During the year under review, the accumulated Corpus Fund as on 31st March, 2020 amounted
₹4597.42 lakh. BCSBI’s investments stood at ₹4753.47 lakh, comprising of fixed deposits and bank
balance with various member banks. BCSBI has expended an amount of ₹263.11 lakh (including
provision for tax). This expenditure was fully met from interest income of ₹235.97 lakh on the
Corpus Fund and transfer of an amount of ₹273.42 lakh from the Public Awareness Fund to Income
and Expenditure Account. Accordingly, an amount of ₹246.56 lakh was carried over as surplus
amount to Balance Sheet as on 31st March, 2020. As stated above, no fee was collected from member
banks for the year 2019-20.

Acknowledgements
BCSBI wishes to thank all the Member Banks and the management of RBI and its Consumer
Education and Protection Department for their continued guidance in its operations.

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 Banking Codes and Standards Board of India Annual Report 2019-20

Annexure I
List of Member Banks of BCSBI (As on 31st March, 2020)

Sr. Name of the bank Sr. Name of the bank

No. No.
Scheduled Commercial Banks Scheduled Commercial Banks
1. AB Bank Ltd 38. Karur Vysya Bank Ltd
2. Allahabad Bank 39. Kotak Mahindra Bank Ltd
3. Andhra Bank 40. Krung Thai Bank PLC
4. Axis Bank 41. Lakshmi Vilas Bank Ltd
5. Bandhan Bank 42. Mashreq Bank PSC
6. Bank of America N A 43. Nainital Bank Ltd
7. Bank of Baroda 44. Natwest Markets Plc
8. Bank of Ceylon 45. Oriental Bank of Commerce
9. Bank of India 46. Punjab & Sind Bank
10. Bank of Maharashtra 47. Punjab National Bank
11. Bank of Nova Scotia 48. Qatar National Bank S. A. Q.
12. Barclays Bank PLC 49. RBL Bank Ltd
13. BNP Paribas 50. SBM Bank India Ltd
14. Canara Bank 51. Shinhan Bank Ltd
15. Catholic Syrian Bank 52. Society Generale
16. Central Bank of India 53. Sonali Bank Ltd
17. Citibank N A 54. South Indian Bank Ltd
18. City Union Bank Ltd 55. Standard Chartered Bank
19. Corporation Bank 56. State Bank of India
20. Credit Agricole Corporate and Investment Bank 57. Syndicate Bank
21. DBS Bank India Ltd 58. Tamilnad Mercantile Bank Ltd
22. DCB Bank Ltd 59. UCO Bank
23. Deutsche Bank AG 60. Union Bank of India
24. Dhanlaxmi Bank Ltd 61. United Bank of India
25. Doha Bank QSC 62. Yes Bank Ltd
26. Federal Bank Ltd
27. HDFC Bank Ltd
28. HSBC Ltd
29. ICICI Bank Ltd
30. IDBI Bank Ltd
31. IDFC First Bank Ltd
32. Indian Bank
33. Indian Overseas Bank
34. IndusInd Bank Ltd
35. Jammu & Kashmir Bank Ltd
36. JP Morgan Chase Bank NA
37. Karnataka Bank Ltd

4
Annual Report 2019-20
Annexure I
List of Member Banks of BCSBI (As on 31st March, 2020)
Sr. Name of the bank
No.
Scheduled Urban Co-operative Banks
1. Bharat Co-operative Bank (Mumbai) Ltd.
2. Citizen Credit Co-operative Bank Ltd.
3. Cosmos Co-operative Bank Ltd.
4. Dombivli Nagari Sahakari Bank Ltd.
5. GP Parsik Sahakari Bank Ltd.
6. Janata Sahakari Bank Ltd.
7. Kallapanna Awade Ichallkaranji Janata
Sahakari Bank
8. The Karad Urban Co-operative Bank Ltd.
9. Nagar Urban Co-operative Bank Ltd.
10. Nagpur Nagarik Sahakari Bank Ltd.
11. The Nasik Merchants Co-operative Bank Ltd.
12. Nutan Nagarik Sahakari Bank Ltd.
13. Punjab & Maharashtra Co-operative Bank Ltd.
14. Saraswat Co-operative Bank Ltd.
15. SVC Co-operative Bank Ltd.
16. The Surat Peoples’ Co-op Bank Ltd.
17. Thane Bharat Sahakari Bank Ltd.
18. Zoroastrian Co-operative Bank Ltd.
Small Finance Banks
1. Capital Small Finance Bank Limited
2. Suryoday Small Finance Bank Limited
3. Utkarsh Small Finance Bank Limited
5
Banking Codes and Standards Board of India
Sr. Name of the bank
No.
Regional Rural Banks
1. Aryavart Bank
2. Andhra Pradesh Grameena Vikas Bank
3. Andhra Pragathi Grameena Bank
4. Baroda Gujarat Gramin Bank
5. Baroda Rajasthan Kshetriya Gramin Bank
6. Baroda Uttar Pradesh Gramin Bank
7. Chaitanya Godavari Grameena Bank
8. Chhattisgarh Rajya Gramin Bank
9. Dakshin Bihar Gramin Bank
10. Himachal Pradesh Gramin Bank
11. J & K Gramin Bank
12. Jharkhand Gramin Bank
13. Karnataka Grameena Bank
14. Karnataka Vikas Grameena Bank
15. Kashi Gomti Samyut Gramin Bank
16. Kerala Gramin Bank
17. Langpi Dehangi Rural Bank
18. Madhyanchal Gramin Bank
19. Madhya Pradesh Gramin Bank
20. Maharashtra Gramin Bank
21. Meghalaya Rural Bank
22. Mizoram Rural Bank
23. Prathama UP Gramin Bank
24. Puduvai Bharathiar Grama Bank
25. Punjab Gramin Bank
26. Purvanchal Bank
27. Rajasthan Marudhara Gramin Bank
28. Saptagiri Grameena Bank
29. Sarva Haryana Gramin Bank
30. Saurashtra Gramin Bank
31. Tamil Nadu Grama Bank
32. Telangana Grameena Bank
33. Utkal Grameen Bank
34. Uttar Bihar Gramin Bank
35. Uttarakhand Gramin Bank
36. Uttarbanga Kshetriya Gramin Bank
37. Vidharbha Konkan Gramin Bank
Banking Codes and Standards Board of India Annual Report 2019-20

Statement of Accounts
For the year
2019-20

6
Annual Report 2019-20 Banking Codes and Standards Board of India

Independent Auditor’s Report

To,
The Members of Banking Codes and Standards Boards of India
Report on the Audit of Financial Statements
1. Opinion
We have audited the accompanying financial statements of Banking Codes and Standards Board
of India (the Trust) which comprise the Balance sheet as on 31st March, 2020 and the Income and
Expenditure Account of the Trust for the year then ended and notes to the financial statements,
including a summary of significant accounting policies.
In our opinion, the accompanying financial statements of the Trust gives a true and fair view of the
financial position of the Trust as on 31st March, 2020 and the surplus for the year ended on that date
which are prepared, in all material respects in accordance with the section 32 of The Maharashtra
Public Trusts Act, 1950.
2. Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Our responsibilities under those Standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Trust in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of The Maharashtra Public Trusts Act, 1950 and
the Rules there under, 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 on the financial statements.
3. Material Uncertainty Related to Going Concern
We draw attention to Schedule E (A)(1.1) in the financial statements, which indicates that the Trust
has received letter from DGM, CEPD of Reserve Bank of India which has instructed the Trust to
discontinue the operations of the Trust and initiate the process of dissolving the Trust, which
indicates that a material uncertainty exists that cast significant doubt on the Trust’s ability to
continue as a going concern. Accordingly, the Trust has drawn the accounts on liquidation basis
and not on-going concern basis.
Our opinion is not modified in respect of this matter.
4. Responsibilities of Management and Those Charged with Governance for the
Financial Statements
The Trust’s Management is responsible for the preparation of these financial statements in
accordance with the section 32 of the Maharashtra Public Trusts Act, 1950 that give a true and fair
view of the financial position and financial performance of the Trust and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Trust’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 Trust or to

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 Banking Codes and Standards Board of India Annual Report 2019-20

cease operations, or has no realistic alternative but to do so. The financial statements are prepared
on the assumption that the Trust is not a going concern as mentioned in schedule E(A)(1.1).
The Trust’s management are responsible for overseeing the Company’s financial reporting process.
5. Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with Standard on Auditing 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 financial statements.
As part of an audit in accordance with Standard on Auditing, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing our
opinion on the effectiveness of the Trust’s internal controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• 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 Trust’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Trust
to cease to continue as a going concern. The financial statements are prepared on the assumption
that the Trust is not a going concern as mentioned in para 3 above.
• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
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.

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Annual Report 2019-20 Banking Codes and Standards Board of India

6. Report on Other Legal and Regulatory Requirements:

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 purpose of our audit;
b. In our opinion, proper books of account as required by law have been kept so far as appears from
our examination of those books;
c. In our opinion, the financial statements dealt with by the report comply with the Accounting
Standards issued by the Institute of Chartered Accountants of India; and
d. The financial statements dealt with by this report are in agreement with the books of account.

For Mukund M. Chitale & Co.

Chartered Accountants
Firm Reg. No. 106655W

Sd/-
(A. V. Kamat)
Place: Mumbai
Partner
Date: 21st September, 2020
M. No. 39585

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 Banking Codes and Standards Board of India Annual Report 2019-20

BANKING CODES AND STANDARDS BOARD OF INDIA

Balance Sheet as on 31st March, 2020
(As per Schedule VIII of The Maharashtra Public Trusts Act, 1950)
As on As on
As on As on
31st March, 31st March,
FUNDS & LIABILITIES 31st March, 2020 PROPERTY & ASSETS 31st March, 2020
2019 2019
(₹) (₹)
(₹) (₹)

Fixed Assets(Net of
Depreciation) (Sch A)
Trust Funds or Corpus 60,821 Computer and Peripherals 36,493
45,97,42,000 Balance as per last Balance Sheet 45,97,42,000 6,000 Office Appliances 5,100
- Add: Contribution received during the - 45,97,42,000 - Furniture & fixtures -
year (including registration fees)
45,97,42,000 - Immovable Properties - 41,593

Investments
- Other earmarked funds - Govt Securities(Cost) -
- Loans (Secured or unsecured) -

Public Awareness Fund - Advances- -

2,73,42,168 Balance as per last Balance Sheet 2,73,42,168 - To others- -
- Less: Trd to Income & expenditure 2,73,42,168 - Prepaid Expenses -
account
- Add: Trd from Income & expenditure - -
account
2,73,42,168 24,26,640 Income Tax- 1,39,51,208

Liabilities
64,480 Provision for Expenses 81,468
2,26,350 Professional and Audit Fees Payable 8,99,956
25,150 TDS Payable 1,04,343 Interest Outstanding
- Payable to IndusInd Bank - 7,65,61,713 On Fixed Deposit Receipts with 3,48,19,348
banks
13,263 Payable to ICICI Bank -
71,01,490 Provision for Tax 1,35,80,000 1,46,65,767 - On Government of India - 3,48,19,348
Securities
74,30,733
Income and Expenditure Account Cash & Bank Balances
including Fixed Deposits
(Sch B)
58,86,299 Balance as per last Balance Sheet 2,50,94,638 3,369 - Cash in Hand 526
1,92,08,339 Add : Surplus brought over from 2,46,56,279 4,97,50,917 1,37,70,609 - Bank Balance 7,01,87,934
Income and Expenditure Account
2,50,94,638 42,67,80,387 - Fixed Deposit with Banks 40,51,58,075 47,53,46,535

51,96,09,539 Total 52,41,58,684 51,96,09,539 Total 52,41,58,684

Notes on Accounts - Schedule E The above Balance Sheet to the best of our belief contains a
true account of the Funds and Liabilities and of the Property
and Assets of the Trust.

As per our report of even date

For Mukund M. Chitale & Co. For Banking Codes and Standards Board of India
Chartered Accountants
Firm Reg No:- 106655W

Sd/- Sd/-
(A.V.Kamat) (A C Mahajan)
Partner Chairman
Membership No:- 39585
Sd/-
(Anand Aras)
Chief Executive Officer
Place: Mumbai
Date: 21st September, 2020 Place: Mumbai
Date: 21st September, 2020

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Annual Report 2019-20 Banking Codes and Standards Board of India

BANKING CODES AND STANDARDS BOARD OF INDIA

Income & Expenditure Account for the year ended 31st March, 2020
(As per Schedule IX of The Maharashtra Public Trusts Act, 1950)
Year ended EXPENDITURE Year ended Year ended INCOME Year ended
31st March, 31st March, 31st March, 31st March, 2020
2019 2020 2019 (₹)
(₹) (₹) (₹)
- To Expenditure in respect of Properties - - By Rent - -
88,335 Repairs and maintenance 24,929 By Interest
51,65,405 To Establishment Expenses (Sch C) 30,50,076 19,358 On Securities -
68,59,713 To Remuneration to Trustees 64,84,498 13,90,796 On Savings Bank account 8,22,924
- To Legal Expenses - 4,75,40,104 On Fixed Deposits with banks 2,27,74,513 2,35,97,437
60,000 To Audit Fees 60,000 On Income Tax Refund 27,416
- To Contribution and Fees - By Dividend -
To Amount written off - By Donation in cash or kind -
- Premium on Govt Securities amortised - By Miscellaneous receipts -

- By Premium on maturity of -
Government Securities

- To Miscellaneous expenses - -

8,98,481 To Depreciation 25,228 - By Transfer from Public Aware- 2,73,42,168

ness Fund

- To Amount Transferred to Public Aware- - -

ness Fund
71,01,490 To Provision of Tax 1,35,80,000
95,68,495 To Expenditure on the objects of the 30,86,011
Trust (Sch D)
1,92,08,339 To Surplus carried over to Balance 2,46,56,279
Sheet

4,89,50,258 Total 5,09,67,021 4,89,50,258 Total 5,09,67,021

Notes on Accounts - Schedule E

As per our report of even date

For Mukund M. Chitale & Co. For Banking Codes and Standards Board of India
Chartered Accountants
Firm Reg No:- 106655W

Sd/- Sd/-
(A.V.Kamat) (A C Mahajan)
Partner Chairman
Membership No:- 39585
Sd/-
(Anand Aras)
Chief Executive Officer

Place: Mumbai Place: Mumbai

Date: 21st September, 2020 Date: 21st September, 2020

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 Banking Codes and Standards Board of India Annual Report 2019-20

Schedule A
BANKING CODES AND STANDARDS BOARD OF INDIA
Schedule to Balance Sheet as on 31st March, 2020
Particulars Rate Gross Block Deductions Net Block
of Opening Addition Closing Opening Deprecia- Closing 31.03.2020 31.03.2019
Dep. Balance (₹) Balance Balance tion Charge Balance (₹) (₹)
% (₹) (₹) (including for the year (₹)
impairment) (₹)
(₹)
Computer 40% 7,59,413 - 7,59,413 6,99,413 24,000 7,23,413 36,000 60,000
Printer 40% 9,219 - 9,219 8,398 328 8,726 493 821
Tally Software 40% 17,600 - 17,600 17,600 - 17,600 - -
Knowledge
Manangement 40% 6,000 - 6,000 6,000 - 6,000 - -
Tool Software
Microsoft of-
40% 4,49,138 - 4,49,138 4,49,138 - 4,49,138 - -
fice-2019 License
TOTAL 12,41,370 - 12,41,370 11,80,549 24,328 12,04,877 36,493 60,821
Office Appliances 15% 62,299 - 62,299 56,299 900 57,199 5,100 6,000
Furniture 10% 15,520 - 15,520 15,520 - 15,520 - -
TOTAL 13,19,189 - 13,19,189 12,52,368 25,228 12,77,596 41,593 66,821
Previous Year 8,66,252 4,52,937 13,19,189 9,72,289 2,80,079 12,52,368 66,821 -

As per our report of even date

For Mukund M. Chitale & Co. For Banking Codes and Standards Board of India
Chartered Accountants
Firm Reg No:- 106655W

Sd/- Sd/-
(A.V.Kamat) (A C Mahajan)
Partner Chairman
Membership No:- 39585
Sd/-
(Anand Aras)
Chief Executive Officer

Place: Mumbai Place: Mumbai

Date: 21st September, 2020 Date: 21st September, 2020

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Annual Report 2019-20 Banking Codes and Standards Board of India

Schedule B
BANKING CODES AND STANDARDS BOARD OF INDIA
Schedule to Balance Sheet as on 31st March, 2020
As on Bank Accounts As on
31st March, 2019 31st March, 2020
(₹) (₹)

Cash In hand
3,369 - Petty Cash Balance 526

3,369 Total (I) 526

In Savings Account
1,83,683 - ICICI Bank 82,400
1,35,28,494 - Yes Bank 3,13,630
- - State Bank of India 6,97,91,904
In Current Account
58,432 - Central Bank of India -

1,37,70,609 Total (II) 7,01,87,934

In Fixed Deposits
6,37,00,000 - State Bank of India (State Bank of Mysore) 4,32,00,000
3,79,60,775 - Bank of Baroda (Vijaya Bank) 3,79,60,775
3,41,00,000 - State Bank of India (State Bank of Travancore) -
95,00,000 - ICICI Bank 95,00,000
2,00,00,000 - Saraswat Co-op. Bank 35,00,000
75,00,000 - Lakshmi Vilas Bank -
3,20,72,395 - YES Bank -
4,00,00,000 - IndusInd Bank -
1,01,00,000 - Federal Bank -
2,00,00,000 - Union Bank of India -
4,00,00,000 - Bank of Baroda -
11,18,47,217 - State Bank of India 31,09,97,300
[All accounts in the name of Banking Codes and Standards Board of India]
42,67,80,387 Total(III) 40,51,58,075

44,05,54,365 Total (I) + (II) + (III) 47,53,46,535

As per our report of even date

For Mukund M. Chitale & Co. For Banking Codes and Standards Board of India
Chartered Accountants
Firm Reg No:- 106655W

Sd/- Sd/-
(A.V.Kamat) (A C Mahajan)
Partner Chairman
Membership No:- 39585
Sd/-
(Anand Aras)
Chief Executive Officer

Place: Mumbai Place: Mumbai

Date: 21st September, 2020 Date: 21st September, 2020

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 Banking Codes and Standards Board of India Annual Report 2019-20

Schedule C
BANKING CODES AND STANDARDS BOARD OF INDIA
Schedule to the Income and Expenditure Account for the year ended 31st March, 2020
Establishment Expenses
Year ended Particulars Year ended
31st March, 2019 31st March, 2020
(₹) (₹)
16,313 News Paper and Periodicals 14,481
11,34,000 Lease Rent 7,88,400
- Stamp Duty Charges 6,600
40,14,384 Professional fees (Staff) 22,40,548
708 Bank Charges 47
51,65,405 TOTAL 30,50,076

Schedule D
BANKING CODES AND STANDARDS BOARD OF INDIA
Schedule to the Income and Expenditure Account for the year ended 31st March, 2020
Expenditure on the objects of the Trust
Year ended Particulars Year ended
31st March, 2019 31st March, 2020
(₹) (₹)

9,61,672 Advertisement and publicity 26,629

1,95,371 Catering and refreshments 92,639
95,357 Conveyance and car hire 22,910
10,015 Internet Charges 15,935
84,693 Postage and courier 73,577
1,85,737 Printing and stationary 1,36,528
19,55,901 Seminar and conference expenses (28,979)
8,126 Survey expenses -
1,05,658 Telephone expenses 17,522
54,98,184 Professional fees (Staff) 21,16,800
3,23,232 Professional fees - Others 4,98,252
1,44,549 Web site Charges 1,14,198
95,68,495 TOTAL 30,86,011

As per our report of even date

For Mukund M. Chitale & Co. For Banking Codes and Standards Board of India
Chartered Accountants
Firm Reg No:- 106655W

Sd/- Sd/-
(A.V.Kamat) (A C Mahajan)
Partner Chairman
Membership No:- 39585
Sd/-
(Anand Aras)
Chief Executive Officer

Place: Mumbai Place: Mumbai

Date: 21st September, 2020 Date: 21st September, 2020

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Annual Report 2019-20 Banking Codes and Standards Board of India

BANKING CODES AND STANDARDS BOARD OF INDIA

Schedule E

SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS FOR THE YEAR

ENDED 31st MARCH, 2020

A. SIGNIFICANT ACCOUNTING POLICIES:

1. Method of Accounting:
1.1 As per governing council meeting dated 15th March, 2019 Banking Codes and Standards Board
of India (the Trust) has received letter from DGM, CEPD of Reserve Bank of India which has
instructed the Trust to discontinue the operations of the Trust and initiate the process of
dissolving the Trust. Accordingly, the Trust has initiated the process of dissolution of the Trust.

The financial statements are prepared based on the assumption that the Trust is not a going
concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP)
and provisions of the Maharashtra Public Trusts Act, 1950.
1.2 The Presentation of financial statements are in conformity with generally accepted accounting
principles, requires estimates and assumptions to be made that affect the reported amounts
of assets and liabilities and disclosure of contingent liabilities on the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates and the differences between actual results and
estimates are recognised in the periods in which the results are known/materialised.
1.3 The Financial Statements are prepared on accrual basis.

2. Revenue Recognition:
Interest Income:
Interest income is recognised on accrual basis.

3. Corpus Fund:
As per the funding proposal agreed with Reserve Bank of India, the Trust has built up the
Corpus from registration and membership fees as Reserve Bank of India has ceased funding,
since the Trust has become self financed. The member banks have also desired that the entire
contribution made by member banks in the form of Registration Fees and Membership Fees be
credited to the Corpus. The Trust has not received Corpus fund during the year.
4. Fixed Assets:
Fixed Assets are stated at cost less impairment and accumulated depreciation. Direct costs are
capitalized until fixed assets are ready for use. Capital work in progress comprises of the cost of
fixed assets that are not ready for their intended use at the reporting date.

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 Banking Codes and Standards Board of India Annual Report 2019-20

5. Depreciation:
Depreciation on fixed assets is provided on written down value method at rates specified in the
Income Tax Act, 1961.
6. Investments:
Long term Investments are stated at cost. Provision for diminution in value of long-term
investments, if any, is made, if such diminution is other than of temporary nature. There are no
such Investments outstanding as on 31st March, 2020.
7. Related Party Transaction:
Disclosure is made as per the requirement of the AS -18 – Related Party Disclosures and the
same is given as part of Notes to Accounts.
8. Operating Leases:
Rentals paid in respect of operating leases have been charged to Income and Expenditure
Account.
9. Provision for Tax:
Provision for tax in the current year is determined as the amount of tax payable in respect of all
taxable income in accordance with provision of Income Tax Act, 1961.
10. Impairment of Assets:
An Asset is considered as impaired when at the Balance Sheet Date there are Indications of
Impairment and the carrying amount of Asset exceeds its recoverable amount (i.e. the higher of
the assets Net selling price and Value in Use). The carrying amount is reduced to the recoverable
amount and the reduction is recognised as an Impairment Loss in the Income and Expenditure
Account. The assets are considered at its recoverable value as at 31st March 2020 as the Trust
has prepared the accounts on not a going concern basis as stated in schedule E(A)(1.1)
11. Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognized for liabilities that can be measured only by using substantial degree
of estimation. These are reviewed at each balance sheet date and adjusted to reflect the current
management estimates. Contingent liability is disclosed in case of possible obligation where
the probability of outflow of resource is not certain. Contingent Asset is neither recognized nor
disclosed.

B. NOTES TO ACCOUNTS:
1. Related Party Discourse:
Reporting Enterprise: Banking Codes and Standards Board of India
Name of the related parties and description of relationship:

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Annual Report 2019-20 Banking Codes and Standards Board of India

Governing Council Members

a. A C Mahajan (Chairman);
b. C Krishnan;
c. Rama Bijapurkar (upto 19.09.2019)
d. Shubhalakshmi Panse (upto 30.06.2019)
e. Uday Phadke
f. Anand Aras (Chief Executive Officer)

Details of Related Parties transactions are as under:

Governing Council Members

Particulars 2019-20 2018-19

₹ ₹
Remuneration to Chief Executive Officer 35,85,312 35,85,313
Remuneration and Sitting Fees to Governing
28,99,186 32,74,400
Council Members

2. Leases:
The Trust has entered into a lease agreement with Reserve Bank of India for the office premises
for the period from July 2019 to June 2020. The rent for the period April 2019 to March
2020 amounting to ₹7,88,400/- (Previous Year – ₹11,34,000) has been debited to Income and
Expenditure Account for the year shown in Schedule D.
Total of future minimum lease payments for the following period:

As at As at
Particulars 31st March, 2020 31st March, 2019

₹ ₹
Not later than 1 Year 1,68,300 2,83,500
1-5 Years - -
Later than 5 Years - -

Total ₹ 1,68,300 2,83,500

3. Public Awareness Fund:

The Board has not transferred any amount to the Public Awareness Fund during FY 2019-20
from the Income and Expenditure Account as the operations of the Trust shall be discontinued
as per directions of Reserve Bank of India. Similarly the balance in Public Awareness Fund as
on 31st March 2020 is transferred to Income & Expenditure Account during the year as the
fund may not be used for the purpose for which it was set aside due to intended dissolution of
the Trust.

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 Banking Codes and Standards Board of India Annual Report 2019-20

4. Previous Year’s figures

The corresponding figures for the previous year are re-grouped / re-classified, wherever
necessary.

Signatures to Schedule A to E For Banking Codes and Standards

Board of India

For Mukund M. Chitale & Co.

Chartered Accountants
Firm Regn. No. 106655W
Sd/-
(A.C. Mahajan)
Chairman

Sd/-
Sd/-
(Anand Aras)
(A. V. Kamat)
Chief Executive Officer
Partner
M. No. 39585

Place: Mumbai
Date: 21st September, 2020

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Annual Report 2019-20 Banking Codes and Standards Board of India

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Banking Codes and Standards Board of India Annual Report 2019-20

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