SBI_Annual_Report_-_08-09_New.pdf

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1 March The Rupee depreciated to Rs per dollar at end-march 2009 from Rs per dollar at end-march The focus of RBI's monetary and credit policy during the year was to control inflation, support growth, maintain financial market stability, ensure comfortable liquidity in the system to meet the required credit demand and limit the contagion from the ongoing global turmoil. During , while the Bank Rate was kept unchanged at 6%, Reverse Repo and more particularly the Repo rate and CRR were changed on a number of occasions. When inflation started rising due to increase in international commodity and oil prices, the Repo rate was hiked from 7.75% in April 2008 to a high of 9% in July 2008 and CRR was hiked from 7.50% in March 2008 to 9% in August Subsequently, when growth stalled and inflation started coming down due to drop in crude oil and commodity prices, the Repo rate was cut five times to 5%, the Reverse Repo rate was reduced three times to 3.50% and CRR was cut four times to 5.0%, between October 2008 and March Deposit and lending rates of banks also moved more or less in tandem with key policy rates as interest rates initially firmed up during up to October 2008, and subsequently started declining after November The capital outflows and slowdown in economic activity, particularly in the second half of the year, impacted money supply growth in the system (M3) and saw moderation in the business of all scheduled commercial banks (ASCB). While growth in money supply (M3) moderated to 18.6% in from 21.1% a year ago, deposit and credit growth of ASCB moderated to 19.8% and 17.3% respectively in from 22.4% and 22.3% in The coming year will continue to be marked with uncertainty as the impact of the global crisis has been deeper and wider than earlier anticipated. However, a stable banking and financial sector, falling inflation and prompt co-ordinated policy action have helped India weather the crisis. On the upside, domestic demand especially from rural areas, and Government investment activity in the economy will help keep up the growth momentum, making India the second fastest growing economy in the world. Financial Performance Profit The Operating Profit of the Bank for stood at Rs. 17, crores as compared to Rs. 13, crores in registering a growth of 36.68%. The Bank has posted a Net Profit of Rs. 9, crores for as compared to Rs. 6, crores in registering a growth of 35.55%. While Net Interest Income recorded a growth of 22.63% and Other Income increased by 45.96%, Operating Expenses increased by 24.11% attributable to higher staff cost and other overhead expenses. Dividend The Bank has increased dividend to Rs per share (290%) from Rs per share (215%) in the last year. Net Interest Income The Net Interest Income of the Bank registered a growth of 22.63% from Rs. 17, crores in to Rs. 20, crores in This was due to growth in interest income on advances. The gross interest income from global operations rose from Rs. 48, crores to Rs. 63, crores during the year. This was mainly due to higher interest income on advances. Interest income on advances in India registered an increase from Rs. 32, crores in to Rs. 42, crores in due to higher volumes. Also average yield on advances in India increased from 9.90% in to 10.15% in Interest income on advances at foreign offices also increased due to higher volumes. 25 C25 K25

2 ããäøãæ½ããò ½ãò Ìãðãä Öãñ ãñ ãñš ãšãà ã ¼ããÀ ã ½ãò ããäøãæ½ããò ¹ãÀ º¾ãã ã ãã¾ã ÌãÓãà ãñš ªãõÀã ã ºãü ãšà Á. 42, ãšàãñü Öãñ ØãƒÃ ãºããä ãš ÌãÓãà ½ãò ¾ãÖ Á. 32, ãšàãñü ããè ý ƒôããè ãàö ¼ããÀ ã ½ãò ããäøãæ½ããò ¹ãÀ ¹ãÆãä ãêãã¼ã ÌãÓãà ãñš ªãõÀã ã ºãü ãšà 10.15% Öãñ Øã¾ãã ãºããä ãš ÌãÓãà ½ãò ¾ãÖ 9.90% ããý ããäøãæ½ããò ½ãò Ìãðãä Öãñ ãñ ãñš ãšãà ã ãäìãªñíã ãäô ã ã ãšã¾ãããêã¾ããò ãñš ããäøãæ½ããò ¹ãÀ ¼ããè º¾ãã ã ãã¾ã ½ãò Ìãðãä ÖìƒÃ Öõý ¼ããÀ ã ½ãò Àã ã ãšãñóããè¾ã ¹ããäÀÞããÊã ã ½ãò ãä ã¾ããñãä ã ã ÔãâÔãã ã ããò ãšãè ãã¾ã ½ãñâ 28.60% ãšãè Ìãðãä ÖìƒÃ ãä ãôã ãšã ½ã쌾ã ãšãà ã ÊãØãã Øã ããõôã ã ÔãâÔãã ã ããò ãšãè ½ãã ãã ããä ã ãš Öãñ ãã ããý ããõôã ã ¹ãÆãä ã¹ãšêã ÌãÓãà ãñš 6.92%Ôãñ ºãü ãšà ½ãò 7.10% Öãñ Øã¾ããý ÌãõãäÍÌã ãš ¹ããäÀÞããÊã ããò ãšã ãìšêã º¾ãã ã ̾ã¾ã ÌãÓãà ½ãò Á. 31, ãšàãñü ãã, ããñ ÌãÓãà ½ãò ºãü ãšà Á. 42, ãšàãñü Öãñ Øã¾ããý ã½ãã ÀããäÍã¾ããò ¹ãÀ º¾ãã ã-ì¾ã¾ã ½ãò ãä¹ãœêãñ ÌãÓãà ãšãè ãìêã ãã ½ãò ÌãÓãà ãñš ªãõÀã ã 40.74% ãšãè Ìãðãä ÖìƒÃ ãºããä ãš ã½ããàããäíã¾ããò ãñš ããõôã ã Ô ãà ½ãò 24.85% ãšãè Ìãðãä ÖìƒÃ Öõý ¹ããäÀ ãã½ãôìãâ¹ã ã½ããàããäíã¾ããò ãšãè ããõôã ã ÊããØã ã ½ãò ÌãÓãà ãñš ªãõÀã ã 6.30% ãšãè Ìãðãä ÖìƒÃ ãºããä ãš ÌãÓãà ½ãò ƒôã½ãò 5.59% ãšãè Ìãðãä ÖìƒÃ ããèý ã ãããä¹ã, ÞÞã ÊããØã ã ÌããÊããè ¼ããÀãè ã½ããàããäíã¾ããâ ¹ããäÀ¹ã ã Ìã Öãñ ÀÖãè Öö ããõà ã½ãã ªÀ ãšã Ìã ãã½ãã ã Ô ãà ãä ã½ ã ÀÖ ãñ ãñš ãšãà ã, ¾ãÖ ã¹ãñàãã ãšãè ãã ããè Öõ ãä ãš ã½ããàããäíã¾ããò ãšãè ããõôã ã ÊããØã ã ½ãò ãäøãàãìã ãã Øããèý ØãõÀ-º¾ãã ã ãã¾ã ÌãÓãà ½ãò ØãõÀ-º¾ãã ã ãã¾ã ãšãè ÀããäÍã Á. 12, ãšàãñü ÀÖãè ãºããä ãš ÌãÓãà ½ãò ¾ãÖ Á. 8, ãšàãñü ããèý ÌãÓãà ãñš ªãõÀã ã ºãö ãš ãñ ¼ããÀ ã ããõà ãäìãªñíã ½ãò ãäô ã ã ã¹ã ãñ ÔãÖ¾ããñØããè ºãõ ãšãò / ã ãìóãâãäøã¾ããò ããõà Ôãâ¾ãì ã ã ²ã½ããò Ôãñ Êãã¼ããâÍã ãñš ¹㠽ãò Á ãšàãñü (ãä¹ãœêãñ ÌãÓãà Á ãšàãñü ) ¹ãÆã¹ ã ãä ãš ý ¹ããäÀÞããÊã ã ̾ã¾ã ¹ãòÍã ã ãñš ãäêã ÞÞã ¹ãÆãÌã ãã ã ãšà ãñ ããõà Ô ã ãš Ôã⌾ãã ½ãò Ìãðãä Öãñ ãñ ãñš ãšãà ã Ô ã¹ãš ÊããØã ã ½ãò 25.19% ãšãè Ìãðãä ÖìƒÃ ããõà ¾ãÖ ÌãÓãà ½ãò Á. 9, Öãñ ØãƒÃ ãºããä ãš ÌãÓãà ½ãò ¾ãÖ Á. 7, ãšàãñü ããèý Ô ã¹ãš ÊããØã ã ½ãò Ìãñ ã ã ÔãâÍããñ ã ã ¹ãÆãÌã ãã ããò Ôãñ Ôãâºãâãä ã ã Á. 1,414 ãšàãñü ãšãè ÀããäÍã Íãããä½ãÊã Öõ, ãºããä ãš ãä¹ãœêãñ ÌãÓãà ¾ãÖ ¹ãÆãÌã ãã ã ÀããäÍã Á 575 ãšàãñü ããèý 㠾㠹ããäÀ ̾ã¾ããò ½ãò ¼ããè 22.36% ãšãè Ìãðãä ÖìƒÃ ãä ãôã ãšã ½ã쌾ã ãšãà ã ãƒã ÍããŒãã ããò ãñš ŒãìÊã ãñ Ôãñ ¼ããü ñ, ãšàãò ããõà ãäºã ãêããè ã ãã ãäìã ãã¹ã ã ããõà ¹ãÆÞããÀ, ãä¹ãæâãä âøã ããõà Ô ñíã ãàãè, ã ãš, ñêããè¹ãšãñ ã ããõà ãäìããäìã ã ̾ã¾ããò ½ãò Ìãðãä Öãñ ãã ããý ¹ããäÀÞããÊã ã ̾ã¾ã ½ãò, ãä ãôã½ãò Ô ã¹ãš ÊããØã ã ããõà 㠾㠹ããäÀ ̾ã¾ã Íãããä½ãÊã Öö, ãä¹ãœêãñ ÌãÓãà ãšãè ãìêã ãã ½ãò 24.11% ãšãè Ìãðãä ª ãã ÖìƒÃý ¹ãÆãÌã ãã ã ããõà ãã ãšãäô½ã ãš ãã â ÌãÓãà ãñš ªãõÀã ã ãä ãš Øã ¹ãƽãìŒã ¹ãÆãÌã ãã ã ãä ã½ ãã ãìôããà Öö : ãäìããä ã ãã ããò ¹ãÀ ½ãîʾãımg ãñš ãäêã Á ãšàãñü ãšã ¹ãÆãÌã ãã ã ãä ãš¾ãã Øã¾ããý ƒôã½ãò ¹ããäÀ¹ã ã Ìã ãã ãñš ãäêã ÀŒãñ Øã, Ñãñ ããè ãñš ¹ãÆãèãä½ã¾ã½ã ãšã ¹ããäÀÍããñ ã ã Íãããä½ãÊã ãöãèâ Öõ ( ½ãò ¹ãÆãä ãêãñœã ã Á ãšàãñü ãã)ý ãšà ¹ãÆãÌã ãã ã ãñš ãäêã Á. 5, ãšàãñü (ÌãÓãà ½ãò Á. 3, ãšàãñü ãã)ý ãããäêã ãšã: 1 ¹ãƽãìŒã ãä ãó¹ã㪠ã Ôãâ ãñš ã ãš ¼ããÀ ããè¾ã Ô ñ ºãö ãš Ôã ºããè ãムÔã½ãîÖ Ôãâ ãñš ã ãš ããõôã ã ãããäô ã¾ããò ¹ãÀ ãã¾ã (%) ƒããä ã Ìã ãè ¹ãÀ ãã¾ã (%) ãã¾ã ãšãè ãìêã ãã ½ãò ̾ã¾ã (%) ( ãìšêã ãä ãìãêã ãã¾ã ãšãè ãìêã ãã ½ãò ¹ããäÀÞããÊã ã ̾ã¾ã) ¹ãÆãä ã Íãñ¾ãÀ ½ãîÊã ã ãã ã (Á) ¹ãÆãä ã Íãñ¾ãÀ ¾ãî ããè ãðš ã ãã¾ã (Á) ¹ãîú ããè ¹ã¾ããù ã ãã ã ãì¹ãã ã (%) (ºãñÔãÊã I) Ñãñ ããè I Ñãñ ããè II ¹ãîú ããè ¹ã¾ããù ã ãã ã ãì¹ãã ã (%) (ºãñÔãÊã II) Ñãñ ããè I Ñãñ ããè II ãä ãìãêã ããäøãæ½ããò ãšãè ãìêã ãã ½ãò ãä ãìãêã ã ã ãã ãš ãããäô ã¾ããú C26 K26

3 Income from resources deployed in Treasury operations in India increased by 28.60% mainly due to higher average resources deployed. The average yield, which was 6.92 % in , has increased to 7.10% in Total interest expenses of global operations increased from Rs. 31, crores in to Rs. 42, crores in Interest expenses on deposits during recorded an increase of 40.74% compared to the previous year, whereas the average level of deposits grew by 24.85%. This resulted in an increase in the average cost of deposits from 5.59% in to 6.30% in However, as substantial high cost deposits are maturing and present level of deposit rate being lower, it is expected that there will be a fall in the average cost of deposits. Non-Interest Income Non-interest income stood at Rs. 12, crores in as against Rs. 8, crores in During the year, the Bank received an income of Rs crores (Rs crores in the previous year) by way of dividends from Associate Banks/subsidiaries and joint ventures in India and abroad. Operating Expenses There was an increase of 25.19% in the Staff Cost from Rs. 7, crores in to Rs. 9, crores in attributable to higher pension provisioning and increased staff strength. Staff Cost included an amount of Rs.1,414 crores towards wage revision provision as compared to Rs. 575 crores in the previous year. Other Overhead Expenses have also registered an increase of 22.36% mainly due to increase in expenses on rent, taxes and lighting as a result of opening of new branches, advertising & publicity, printing & stationary, postage and telephones and miscellaneous expenditure. Operating Expenses, comprising both staff cost and other overhead expenses, have registered an increase of 24.11% over the previous year. Provisions and Contingencies Major amounts of provisions made in were as under: Rs crores towards provision for depreciation on investments, excluding amortization of premium on Held to Maturity category (as against write back Rs crores in ). Rs. 5, crores towards Provision for Tax (as against Rs. 3, crores in ). Table: 1 Key Performance Indicators Indicators SBI SBI Group Return on Average Assets (%) Return on Equity (%) Expenses to Income (%)(Operating Expenses to Total Net Income) Basic Earnings Per Share (Rs.) Diluted Earnings Per Share (Rs.) Capital Adequacy Ratio (%) (Basel-I) Tier I Tier II Capital Adequacy Ratio (%) (Basel-II) Tier I Tier II Net NPAs to Net Advances C27 K27

4 ã ãìóãâøããè Êãã¼ã ãšà ãñš ãäêã Á ãšàãñü (ÌãÓãà ãñš ãäêã Á ãšàãñü )ý Á. 2, ãšàãñü (Àムºãõ ãš ãšãñ œãñü ãšà) ã ã ãã ãš ãããäô ã¾ããò ãñš ãäêã (ÌãÓãà ½ãò Á. 2, ãšàãñü )ý ããàãäàã ã ãä ããä ã¾ããâ Ìãâ ããä ãíãñóã Á. 5, ãšàãñü (ÌãÓãà ½ãò Á. 4, ãšàãñü ) ãšãè ÀããäÍã ÔããâãäÌããä ã ãš ããàãäàã ã ãä ããä ã¾ããò ½ãò ãâ ããäà ã ãšãè ØãƒÃ ý Á ãšàãñü (ÌãÓãà ½ãò Á ãšàãñü ) ãšãè ÀããäÍã ¹ãîâ ããè ããàãäàã ã ãä ããä ã ½ãò ãâ ããäà ã ãšãè ØãƒÃý Á ãšàãñü (ÌãÓãà ½ãò Á ãšàãñü ) ãšãè ÀããäÍã ã ¾ã ããàãäàã ã ãä ããä ã¾ããò ½ãò ãâ ããäà ã ãšãè ØãƒÃ ý ¹ããäÀÔãâ¹ããä ã¾ããâ ºãö ãš ãšãè ãìšêã ¹ããäÀÔãâ¹ããä ã¾ããò ½ãò 33.66% ãšãè Ìãðãä ÖìƒÃ ããõà ¾ãñ ½ããÞãà 2009 ãñš ãâ ã ã ãš ºãü ãšà Á. 9,64, ãšàãñü Öãñ ØãƒÄ ãºããä ãš ½ããÞãà 2008 ãñš ãâ ã ½ãò ¾ãñ Á. 7,21, ãšàãñü ããéý ƒôããè ãìããä ã ãñš ªãõÀã ã, ãé ã ÔãâãäÌã¼ããØã ½ãò 30.17% ãšãè Ìãðãä ÖìƒÃ ããõà ƒ ã ãšãè ÀããäÍã Á. 4, ãšàãñü Ôãñ ºãü ãšà Á. 5,42, ãšàãñü Öãñ ØãƒÃý ½ããÞãà 2009 ãñš ãâ ã ½ãò ãä ãìãñíããò ½ãò 45.62% ãšãè Ìãðãä ÖìƒÃ ããõà ƒ ã ãšãè ÀããäÍã Á. 1,89, ãšàãñü Ôãñ ºãü ãšà Á. 2,75, ãšàãñü Öãñ ØãƒÃý ããä ã ãšãâíã ãä ãìãñíã ÜãÀñÊãî ºãã ããà ½ãò ÔãÀ ãšãàãè Ìãâ ã ¾ã ã ãì½ããñãäª ã ¹ãÆãä ã¼ãîãä ã¾ããò ½ãò ãä ãš¾ãã Øã¾ããý ªñÍããè¾ã ããäøãæ½ããò ½ãò ºãö ãš ãšã ºãã ããà ãâíã ½ããÞãà 2009 ãñš ãâ ã ã ãš 16.03% ÀÖãý ªñ¾ã ãã â ºãö ãš ãšãè ãìšêã ªñ¾ã ãã â (¹ãîâ ããè Ìãâ ããàãäàããä ã¾ããò ãšãñ œãñü ãšà) 34.79% ãšãè Ìãðãä ãñš Ôãã ã 31 ½ããÞãà 2009 ãšãñ Á. 9,06, ãšàãñü Öãñ ØãƒÄ ãºããä ãš 31 ½ããÞãà 2008 ãšãñ ¾ãñ Á. 6,72, ãšàãñü ããéý ªñ¾ã ãã ããò ½ãñâ ¾ãÖ Ìãðãä ¹ãƽãìŒã ¹ã Ôãñ ã½ããàããäíã¾ããñâ ããõà 㠾㠪ñ¾ã ãã ããò Ìãâ ¹ãÆãÌã ãã ããò ½ãò Ìãðãä ãñš ãšãà ã ÖìƒÃý 31 ½ããÞãà 2009 ãšãñ ÌãõãäÍÌã ãš ã½ããàããäíã¾ããò ½ãò 31 ½ããÞãà 2008 ãšãè ãìêã ãã ½ãò 38.08% ãšãè Ìãðãä ÖìƒÃ ããõà ¾ãñ Á. 7,42, ãšàãñü ãñš Ô ãà ã ãš ¹ãÖìâÞã ØãƒÄý ã½ããàããäíã¾ããò ½ãò ºãö ãš ãšã ºãã ããà ãâíã ½ããÞãà 2009 ãšãñ 17.72% ÀÖãý ãä ãó¹ã㪠ã ãñš ÊÊãñŒã ããè¾ã ã ¾ã ÌãÓãà ½ãò Ô ñ ºãö ãš ãã¹ãš ÔããõÀãÓ È ãñš ¼ããÀ ããè¾ã Ô ñ ºãö ãš ½ãò ãäìãêã¾ã ããõà ãäìããä¼ã ã ̾ãÌãÔãã¾ã Ôã½ãîÖãò ãñš ¼ããè ãà ÍããŒãã ããò/œãã ããò ãñš ãâ ãà ã ãñš ãšãà ã ãäìããä¼ã ã ̾ãÌãÔãã¾ã Ôã½ãîÖãò ãñš ãä¹ãœêãñ ÌãÓãà ( ) ãñš ãšãàãñºããà ãñš ãã ãããäà ãš ããâ ãšü ãò ãšãñ ãöãú ãšöãé ããìãí¾ã ãš ããõà Ôãâ¼ãÌã ãã ãä¹ãšà Ôãñ Ôã½ãîãäÖ ã ãšà ãñš ÔãâÍããñãä ã ã ãä ãš¾ãã Øã¾ãã Öõ, ãããä ãš ã ãšãè Ìã ãã½ãã ã ÌãÓãà ãñš ããâ ãšü ãò ãñš Ôãã ã ãìêã ãã ãšãè ãã Ôã ãñš ããõà ÌãÓãà ½ãò Ìãðãä ãñš ããâ ãšü ãò ãšãè ÔãÖãè ÔãÖãè Øã ã ãã ãšãè ãã Ôã ãñšý ãš Œã Øã Üã Ý Þã œ ã ØÊããñºãÊã ½ãã ãóš áôã ãäìã¼ããøã ãšãà¹ããñàñ ºãöãä ãâšøã Ôã½ãîÖ ½ã ¾ã ãšãà¹ããñàñ Ôã½ãîÖ ÀãÓ Èãè¾ã ºãöãä ãâšøã Ôã½ãîÖ ØãÆã½ããè ã ̾ãÌãÔãã¾ã Ôã½ãîÖ ¹ãƽãìŒã ̾ãÌãÔãã¾ã Ôã½ãîÖ ãäìã¹ã ã ã ããõà ¹ãÆãä ã ãäìã ãš¾ã ãäìã¼ããøã ãšãà¹ããñàñ ãšã¾ãã ããèãä ã Ìãâ ãìã ̾ãÌãÔãã¾ã ãâ ãàããó Èãè¾ã ºãöãä ãâšøã Ôã½ãîÖ ã ÔãÖ¾ããñØããè ããõà ã ãìóãâãäøã¾ããú šã ãããäô ã Øãì ãìã ãã ÔãîÞã ãã ¹ãÆãõ²ããñãäØã ãšãè ãš. ØÊããñºãÊã ½ãã ãóš áôã ãäìã¼ããøã ãšãà¹ããñàñ ãòš³ ãäô ã ã ØÊããñºãÊã ½ãã ãóš áôã ãäìã¼ããøã Ôã¼ããè Ôã½ã¾ã àãñ ããò ½ãò ºãö ãš ãñš Èñ ãàãè ãšãàãñºããà ãšã ÔãâÞããÊã ã ãšà ãã Öõ ãä ãôã ãñš ãâ ãøãã ã ãäìããä¼ã ã ºãã ããàãò ãõôãñ ¹ãŠãùÀñ ã Ôã, º¾ãã ã-ªà, ºãìãäÊã¾ã ã, ƒããä ã Ìã ãè ããõà Ìãõ ãšãäê¹ã ãš ãããäô ã¾ããò Ôãñ Ôãâºãâãä ã ã Øããä ããäìããä ã¾ããú ãã ããè Ööý 28 C28 K28

5 Rs crores towards Fringe Benefit Tax (as against Rs crores in ). Rs. 2, crores (net of write-back) for nonperforming assets (as against Rs. 2, crores in ). Reserves and Surplus An amount of Rs. 5, crores (as against Rs. 4, crores in ) was transferred to Statutory Reserves. An amount of Rs crores (as against Rs crores in ) was transferred to Capital Reserve Fund. An amount of Rs crores (as against Rs crores in ) was transferred to Other Reserve Funds. level on 31st March The Bank's market share in domestic deposits was 17.72% as of March Performance Highlights Consequent upon acquisition of State Bank of Saurashtra by State Bank of India in , as also migration of branches to and from within the various business groups, the base business figures of previous year ( ) in respect of the various business groups have been amended with regrouping, wherever necessary and determinable, to make them comparable with the current year's figures and arrive at growth figures during the year Core Operations Assets The total assets of the Bank increased by 33.66% from Rs. 7,21, crores at the end of March 2008 to Rs. 9,64, crores as at end March During the period, the loan portfolio increased by 30.17% from Rs. 4,16, crores to Rs. 5,42, crores. Investments increased by 45.62% from Rs. 1,89, crores to Rs. 2,75, crores as at the end of March A major portion of the investment was in the domestic market in government and other approved securities. The Bank's market share in domestic advances was 16.03% as of March A B C D E F G H I Global Markets Department Corporate Banking Group Mid Corporate Group National Banking Group Rural Business Group Marketing & Cross Selling Department Corporate Strategy & New Business International Banking Group Associates & Subsidiaries Liabilities The Bank s aggregate liabilities (excluding capital and reserves) rose by 34.79% from Rs. 6,72, crores on 31st March 2008 to Rs. 9,06, crores on 31st March The increase in liabilities was mainly contributed by increase in deposits and Other Liabilities & Provisions. The Global deposits stood at Rs. 7,42, crores as on 31st March 2009, representing an increase of % over the J K Asset Quality Information Technology A. GLOBAL MARKETS DEPARTMENT Global Markets Department at the Corporate Centre handles the Bank's Treasury Operations across all time zones and covers activities in various markets i.e., Forex, Interest Rates, Bullion, Equity and Alternative Assets. 29 C29 K29