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Corporate Governance

ABOUT
Our philosophy of corporate governance enhances shareholder value and protects the interests of stakeholders through prudent financial management and high standards of ethics and transparency. The excellence that we strive to achieve as a company depends upon our consistent application of our corporate Code of Ethics.
BOARD OF DIRECTORS

The Company has a judicious mix of Executive and Non-Executive Directors on its Board. At present, there are six directors on the Board. The Chairman is an independent non-executive director & Vice Chairman and Managing Director serve as Executive Director, while 50% of the Board consists of Independent Directors. All Non-Executive Directors are eminent professionals and bring with them a wealth of professional expertise and experience to the management of the Company.

COMMITTEES
  • AUDIT COMMITTEE

The terms of reference of the Audit Committee are wide enough to cover the matters specified under Listing Regulations, the Reserve Bank of India Guidelines and Section 177 of the Companies Act, 2013.

The Audit Committee is responsible for the oversight of the company’s financial reporting process to ensure that the information contained therein is correct, sufficient and credible. The committee also reviews changes to accounting policy, approves new appointments to internal auditor positions, reviews compliance with employee benefit agreements and monitors adherence to the company’s Code of Ethics.

  • NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee is responsible for recommending Board appointments, as well as total size and composition. The committee also consults on budgets for Board-related expenses and on allotment of shares to eligible employees. Succession of Managing Directors and review for other Senior Management positions also falls to the committee.

  • STAKEHOLDERS’ RELATIONSHIP COMMITTEE

The Stakeholders’ Relationship Committee primarily works to redress the complaints or dissatisfactions of shareholders and investors and helps to monitor the management’s compliance with the managerial Code of Ethics.

  • CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee has been entrusted with the responsibility of formulating and recommending to the Board, a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company, monitoring the implementation of the framework of the CSR Policy and recommending the amount to be spent on CSR activities.

  • ASSET LIABILITY MANAGEMENT COMMITTEE

The Asset Liability Committee reviews the results, progress and implementation of decisions made in earlier meetings. Those decisions typically pertain to liquidity risk management, management of market risks, funding and capital planning, profit planning and growth projection, and forecasting and preparation of contingency plans.

  • RISK MANAGEMENT COMMITTEE

The Risk Management Committee provides comprehensive tools for monitoring and managing credit and market risk and fraud control. The Committee also ensures compliance with PMLA guidelines related to money laundering. Review of progress in implementation of previous decisions and of top delinquent customers for each region round out the committee’s duties.

  • MANAGEMENT COMMITTEE

The Management Committee reviews operations from time to time and also formulates and reviews corporate objectives and strategies, including long range plans for expansion/diversification of the Company’s activities within the Board’s approved directions/framework

  • REVIEW COMMITTEE The Review Committee of the Company was constituted to align with the requirements of the Framework for Revitalising Distressed Assets in the Economy, as issued by RBI in order to review the decision of the Credit Committee w.r.t. classification of non co-operative borrowers and matters related thereto.
INTERNAL AUDIT & CONTROL SYSTEM

The Company has an efficient Internal Audit Department and an adequate control mechanism with well-defined structure and processes to prevent revenue loss and/or misappropriation of funds and other company assets. The Internal audit Department is vested with the tasks and responsibility of ensuring that various departments and process owners exhibit adequate process compliance discipline in their business decision.

Both onsite audit for SBUs and branches, and off-site audit covering other functions and departments are conducted periodically, covering the entire range of business processes, functions and domains.

 

For more details view & download the following document  List of Committees.