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Punjab National Bank

BSE: 532461 | NSE: PNB ISIN: INE160A01022
Market Cap: [Rs.Cr.] 28,334.71 Face Value: [Rs.] 2
Industry: Banks - Public Sector

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Director's Report


The Financial year 2015 was a challenging year for Punjab National Bank. Amid the challenges, your Bank made significant achievements and aligned its business strategy to the macroeconomic scenario of the country. The core strategy of the Bank was 'Profitable Growth from the grass-roots' by garnering low cost deposits on the liability side and extending qualitative credit on the assets side. Due to this strategy, the Bank stands tall amongst its competitors in terms of Domestic Business, Domestic Deposits, Domestic Advances, CASA Deposits and Operating Profit during FY'15.

During FY'15, the Bank has crossed several milestones i.e., ' 8.80 lakh crore Global Business, ' 6.00 lakh crore Global Assets, ' 5 lakh crore Global Deposits, ' 1.80 lakh crore CASA Deposits and ' 1 lakh crore Overseas Business. The Bank's Global Business reached close to ' 8.82 lakh crore as at end of March'15 reflecting a growth of 10.1% on yearly basis. The Bank's International business crossed the landmark of ' 1,00,000 crore and reached ' 1,00,785 crore while recording a robust YoY growth of 37.2%. While the Global Deposits of the Bank at ' 5.01 lakh crore grew by 11.1%, Net Advances recorded growth of 9.0% to reach ' 3.81 lakh crore as on 31st March 2015.

In terms of Bottom-line parameters, the Bank's Operating Profit increased from ' 11384 crore as at 31st March'14 to ' 1 1955 crore as at 31st March'15. However due to higher provisions, the Net Profit stood at ' 3062 crore. In terms of key ratios, Net Interest Margin at over 3% for the Financial Year ended March'15 remained one of the highest amongst nationalized banks. Further, the CRAR of the Bank at 12.21% stood above the stipulated level.

To summarize, Financial Year 2014-15 was a year in which we focused on further strengthening our businesses, bottom line parameters, network, technological capabilities and operating parameters. With continued improvements in its key financial parameters, vast network, large customer base and a healthy capital position, the Bank has created a platform for achieving and sustaining robust growth in the future.

In this backdrop, your Directors take pleasure in placing the Bank's Annual Report for 2014-15 along with its audited annual financial statements.




Particulars 31st Mar'14 31st Mar'15 Growth (%)
Total Business 800666 881913 10.1
Deposits 451397 501379 11.1
Advances 349269 380534 9.0


Parameters Mar'14 Mar'15 (%)
Operating Profit 11384 11955 5.0
Provisions 8042 8893 10.6
Net Profit 3343 3062 -8.4


Particulars 2013-14 2014-15
Cost of Funds 5.20 5.14
Yield on Funds 8.31 8.00
Return on Equity 9.69 8.12
Net Interest Margin 3.44 3.15
Return on Assets 0.64 0.53
Cost to Income Ratio 45.06 46.74
Operating Expenses to Average Working Funds 1.79 1.81
Operating Profit to Average Working Funds 2.19 2.06
Earnings per share (Rs)* 18.78 16.91
Book value per share (Rs)* 190.50 203.24
Provision Coverage Ratio 59.07 58.21
CRAR - Basel III 11.52 12.21

* Face Value of share after splitting is ' 2/-


• Towards bringing efficiency in pension disbursement, the Bank introduced a new facility i.e. Digital life certificate. Further, the Bank started working in coordination with the Government to be in pilot run of e-PPOs (Electronic Pension Payment Orders). In order to avoid delay in submission of Life Certificates by Pensioners in November every year, the Bank initiated the process of sending SMS reminders to pensioners to submit Life Certificate and taking lead in developing life certificate schemes.

• A new system driven Preventive Monitoring System (Early Warning) was operationalised in the Bank w.e.f. July 2014 for better monitoring of borrowers' financial health and taking timely action for reduction/containment of NPAs.

• The Bank was under parallel run for adoption of Foundation Internal Rating Based Approach (FIRB) for Credit Risk and The Standardized Approach (TSA) for Operational Risk. The Bank also submitted formal Letter of Intent for adoption of Advanced Measurement Approach (AMA) for Operational Risk and Internal Models Approach (IMA) for Market risk.

• The Bank initiated the concept of designating certain major cities as Pragati cities where all branches were opened under Pragati Model. Presently three cities namely Bhopal, Noida and Patiala have attained Pragati City status.

• Moving towards digitalization, the Bank developed another platform for redemption of card loyalty points earned on usage of debit cards known as "PNB Rewardz Mobile App". With the help of this Mobile App, customers can register for PNB Rewards, check their reward points, redeem online and get alerts for deals & discounts.

• The Bank put in place a proper marketing structure and separate vertical based on "Feet on Street" concept to acquire fresh business. This would facilitate the effective publicity of products of the Bank.


The Board of Directors in its meeting held on 8th May 2015 recommended dividend of ' 3.30 per equity share of ' 2 each (i.e. 165%) for FY'15.


1. Business

The Bank's total business reached ' 8,81,913 crore at the end of March'15, registering an absolute increase of ' 81247 crore and a YoY growth of 10.1%. The Bank's Overseas Business grew by 37.2% during the year, crossing ' 1 lakh crore milestone. The share of Overseas Business in Global Business stood at 11.43% as at 31st March'15 as compared to 9.17% in corresponding period last year.

2. Resource Mobilization

The Bank's Total Deposits amounted to ' 5,01,379 crore as at the end of March'15, showing an absolute accretion of ' 49,982 crore and a growth of 11.1% over previous year. The CASA Deposits of the Bank increased to ' 1,83,780 crore, registering YoY growth of 6.3%. The share of low cost deposits in total domestic deposits was 40.57% in FY'15. As on 20th March 2015 i.e. the Last Reporting Friday (LRF) of FY'15, PNB's share in system's Aggregate Deposits reached 4.89%.

The Bank launched NRI Deposit Campaign from 01.11.14 to 31.01.2015 in which ' 2876 crore were mobilized in 10,785 accounts. The Bank's share in NRE Deposit in the system increased to 2.39% in Mar'15 from 2.20% of Mar'14.

The Bank also launched "Locker Campaign" in the same period wherein 1 1,703 lockers were leased out and arrear rent of ' 65.42 lakh was recovered. Total revenue of ' 79.97 crore was generated during FY'15 by recovery of Locker rent.

The Bank also conducted a campaign for the "Family Suraksha Bachat Khata" (FSBK) Product from 23.08.2014 to 31.12.2014 and 20801 accounts were opened mobilizing ' 90.22 crore. Total insurance premium of ' 16.13 crore under FSBK was collected and commission of approximately ' 4.80 crore was earned by the Bank.

3. Credit Deployment and Delivery

Net Advances of the Bank as at the end of March 2015 stood at ' 3,80,534 crore, compared to ' 3,49,269 crore as at end of March 2014, registering an increase of ' 31,265 crore or 9.0% over last year. Yield on Advances of the Bank stood at 9.88% for the year ended March 2015. As on 20th March 2015 i.e. the Last Reporting Friday (LRF) of FY'15, PNB's share in system's credit reached 4.80%.

The Technology Upgradation Fund Scheme (TUFS) is a flagship scheme of Ministry of Textile for modernization and technology upgradation in the textile sector. PNB is the designated Nodal Bank for claiming subsidy under TUFS. For speedier processing of claims, a dedicated cell at the Corporate Office was established. The Bank had approximately 1041 accounts under TUFS pertaining to SSI and Non SSI category. During FY'15, the Bank received TUFS subsidy amounting ' 126 crore from Ministry of Textile and disbursed to the eligible borrowers. Further, there were around 316 accounts covered under 15% Credit Linked Capital Subsidy Scheme (CLCSS) and the subsidy amounting ' 27 crore received from Ministry of MSME during FY'15.

To strengthen the credit monitoring system, an Independent Department was functioning at Head Office with a General Manager as its vertical Head. Similarly, Nodal Officers were appointed in all the FGMOs/COs to have continuous watch over the health of the assets. All weak and irregular accounts were monitored through Task Force Meetings at different levels of the Bank i.e. CO/FGMO & HO on continuous basis. The core issues of weaknesses in the accounts were identified and addressed.

In order to improve the system's ability to deal with corporate distress and financial institution distress by strengthening real and financial restructuring as well as debt recovery, the Bank complied with the framework for Revitalizing Distressed Assets, which was made fully effective from 01.04.2014.

To detect early warning signals in Loan Accounts, a new Preventive Monitoring System (PMS) module was introduced wherein PMS reports were being maintained online on monthly basis, which was earlier done on quarterly basis.

i. Loan Syndication

The Bank has a Syndication Department at Head Office and Syndication Cells at Mumbai and Chennai. The Bank also has a dedicated Technical Cell at Head Office which undertakes Project Appraisal and Techno Economic Viability (TEV) Studies. These studies are for internal use and for sharing with participating banks as part of syndication assignments.

During FY'15, the Bank gave approvals for syndication/ appraisal of debt aggregating ' 16,420 crore with PNB's share of ' 3631 crore. Total income booked out of this activity during FY'15 stood at ' 9.44 crore.

ii. Retail Credit

The growth of Retail Loan portfolio continued to be the thrust area of the Bank in FY'15. The Bank's policies on the product development were as per the customers' requirements, prudent pricing, customization and aggressive marketing. They were directed towards boosting business under Retail Loan Segment. The Bank has 81 specialised 'Retail Asset Branches' with an exclusive focus on Retail Credit.

Aggregate Retail portfolio of ' 38,864 crore as on 31.03.2014 increased to ' 48,415 crore as on 31.03.2015 showing YoY growth of 24.60%. The Core Retail Advances comprising Housing, Vehicle, Education, Personal & Pensioner, Gold Mortgage & Reverse Mortgage Loan Schemes increased from ' 31,930 crore as on 31st March 2014 to ' 40,552 crore as on 31st March 2015 recording YoY growth of 26.0%. The share of Retail loan in Bank's total Non Food Gross Advances as on 31st March 2015 was 14.49% as compared to 12.42% as on 31st March 2014.

The Housing Loan segment registered YoY growth of 26% with an outstanding amount of ' 21,544 crore as on 31st March 2015. The outstanding under Vehicle Loan segment increased to ' 4089 crore as on 31st March 2015 registering YoY growth of 14%. Mortgage loans witnessed a growth rate of 77%.

The Bank also implemented various Government of India schemes such as Credit Guarantee Fund Scheme for Low Income Housing (CRGFSLIH), Housing Interest Subsidy Scheme under the name of "Rajiv Rin Yojana" launched by Ministry of Housing & Poverty Alleviation and Education Loans interest Subsidy under Central Scheme for Interest Subsidy (CSIS), New CSIS and 'Padho Pradesh for Minority Communities'.

iii. Priority Sector

The Bank achieved National Goal of 40% under Priority Sector as on 31st March 2015. The achievement of Priority Sector advances was ' 1,35,812 crore as on March 2015 i.e. 42.89% of Adjusted Net Bank Credit against the National Goal of 40%. The Bank also achieved all other National Goals under the segment e.g. Credit to Direct Agriculture, Credit to Weaker Section and Credit to Women beneficiary.

Parameter 31.03.2013 31.03.2014 31.03.2015
Priority Sector Credit 91076 120538 135812
Of which:
(a) Agriculture Sector 37777 54586 60006
- Direct
33809 42906 48569
- Indirect
3968 11680 11437
(b) MSME (Priority) 39738 52823 61262
(c) Others 13561 13129 14544
- Credit to Weaker Sections 27588 30497 32187
- Credit to Women Beneficiaries 14084 14301 16689

Achievement of National Goals

%age to ANBC Target 31.03.2013 31.03.2014 31.03.2015
Priority Sector Credit 40.0 33.11 42.49 42.89
Of which:
(a) Agriculture Sector 18.0 13.73 19.24 18.95
(b) Direct Agriculture 13.5 12.29 15.12 15.34
(c) Credit to Weaker Sections 10.0 10.03 10.75 10.16
(d) Credit to Women Ben. 5.0 5.12 5.04 5.27

Credit to Agriculture

Credit to Agriculture sector stood at ' 60,006 crore as on 31st March 2015 as against ' 54,586 crore as on 31st March 2014. The ratio of Agriculture Advances to ANBC was 18.95% against the prescribed National Goal of 18%. The achievement under Direct Agriculture Advances of the Bank was ' 48,569 crore i.e. 15.34% of ANBC surpassing the National Goal of 13.5% in March 2015. The Bank issued 2.87 lakh Kisan Credit Cards (KCCs) during FY'15 taking the cumulative number of KCCs issued to 51.19 lakh since inception. During FY'15, the Bank disbursed Agriculture loans to the tune of ' 49,603 crore to 25.62 lakh farmers.

The Bank's focus was on increasing investment credit under Direct Agriculture especially on High-Tech Agriculture Projects under Green House / Poly House Farming, Sprinkler/ Drip Irrigation Systems, Tissue Culture, Horticulture, Floriculture, Commercial Dairy, Fishery, Poultry, Financing Commercial Agricultural Farming, Plantation for forestry and Agri. Logistics like Rural Go- down / Cold Storage & Agri Transport etc. besides traditional agriculture financing.

New schemes Formulated

• To keep pace with changing scenario, the Bank formulated following new schemes to boost Agriculture credit:

a. PNB Dugdh Vikas Yojana: For setting up of Milk collection centers; for purchase of Milch cattle, construction of sheds and meeting working capital requirements of Farmers under Tie-up arrangements with Village Level Milk Society/Co-operative Milk Unions and Private Dairy Company.

b. For promoting Organic Farming by the Farmers for Commercial purpose.

c. Scheme for financing to Farmers / Producers under Contract Farming arrangements.

d. Scheme for financing to Registered Farmer Producer Organizations (FPOs) & Farmer Producer Companies (FPCs) was approved by the Board of the Bank. Under the scheme, FPCs were offered loans up to ' 1.00 crore without any collateral subject to cover under Credit Guarantee Fund for Small Farmers' Agri-Business Consortium (SFAC). MOU was signed with SFAC to seek guarantee cover under the said scheme.

• To provide relief to farmers who suffer losses due to reasons beyond their control, policy for restructuring of Agriculture Debts was formulated (other than natural calamity). Under the policy for restructuring of Agriculture overdues - principal & interest was vested with Branch Officials for loans up to ' 10.00 lakh. To meet urgent need of farmers immediate relief upto ' 50000/- were provided to farmers holding KCC under facilities like Kisan Tatkal Card Scheme.

Modifications/Concessions in ROI in existing schemes

• The limits under Kisan Credit Card and Kisan Gold Schemes were enhanced from ' 20 lakh to ' 50 lakh during the year for meeting the increased credit needs of the farmers

• Relaxation in Rate of Interest for construction of Rural Godown and Cold Storages extended during FY'15.

• Relaxation in Rate of Interest was approved for financing under Rural Godown/Warehouse/Cold Storage and SHG schemes.

Celebration of Campaigns/Weeks

• As a step forward to extend focused credit to small and marginal farmers for inclusive growth, the Bank organized Special Agriculture Credit Campaigns from 16.06.14 to 20.09.14 & 01.11.14 to 31.01.15. During the Kharif / Rabi seasons, the Bank disbursed ' 7065 crore against the target of ' 6600 crore.

• The Bank also celebrated Dairy Week from 1 1.08.2014 to 1 6.08.201 4, Farm Mechanization Week from 20.08.201 4 to 26.08.2014 and 15.12.2014 to 21.12.2014, SHG/ JLG fortnight from 06.10.2014 to 18.10.2014 and week from 09.03.2014 to 16.03.2014.

• The Bank observed Agriculture Week from 12.01.2015 to 19.01.2015 and High Value Agriculture Project Financing week from 27.01.2015 to 02.02.2015.

Upgradation of Skills & knowledge dissemination

• To upgrade skills of Agriculture Officers, specialized training with the support of outside agencies like National Institute of Rural Development (NIRD) Hyderabad, IBM Pune, College Agriculture Banking (CAB) Pune and Bankers Institute of Rural Development (BIRD), Lucknow for financing high value projects/investment credit proposals was imparted.

• To promote financial literacy in rural areas and to create awareness about the Bank's schemes, a Documentary Film 'VARDAAN' was launched which was screened by the Bank at the Kisan Goshthies, Farmer Training Centres, Rural Self Employment Training Institutes (RSETIs), etc. for the farming community and also at the Bank's own training centres for creating awareness among the staff members.

• Farmers' Training Centres were geared up to educate & encourage farmers for adopting composite sustainable commercial agriculture ventures and High Value Agriculture Projects.

• All the important schemes related to agriculture were updated on www.pnbindia.in. All the important documents, forms and circulars have been uploaded on the Knowledge Center website of the Bank.


• Lending Automation Processing System (LAPS) was made mandatory for 22 schemes, which were customized in LAPS, from 01.07.2014 to facilitate speedy disposal of Agriculture loan proposals.

• PNB Score Model for Farm Sector was developed for assisting branches in taking objective lending decisions in accounts for Agriculture and Allied Activities upto limit of ' 50 lakh. The application of the model was launched on pilot run in 154 identified branches.

• The Bank made Tie ups with the leading manufacturers of agriculture implements & tractors, irrigation solutions, etc. during FY'15. During the year, the Bank also laid focus on increasing livestock advance portfolio by financing through tie ups with dairy companies/cooperatives. Further, the Bank focused on financing to Agri logistics like Rural Godown/ Cold Storage & Agri Transport.

• The Bank geared up 14 Specialized Agriculture Finance Branches & Special Agriculture Cells was established in 16 branches for increasing focus on high-tech agriculture projects. An independent portal was developed for online monitoring of 598 Agriculture Officers.

Credit to Weaker Sections & SC/ST

As on 31st March 2015, the Bank's credit to weaker section increased by ' 1690 crore on YoY basis to reach ' 32,187 crore. Ratio of Weaker Sections Advances to ANBC stood at 10.16%, exceeded the National Goal of 10%. Total outstanding of SCs/STs stood at ' 4045 crore in 4,10,575 accounts.

Credit to Women beneficiaries

Credit to Women Beneficiaries was 5.27% of ANBC i.e., ' 16,689 crore as on 31st March 2015 against the National Goal of 5%. A women cell was functioning and monitoring the progress under various lending schemes for women beneficiaries at Corporate Office.

Credit to Minority Communities

The Bank's credit to minority communities stood at ' 20,936 crore as on 31st March'15 as against ' 18,923 crore as on 31st March'14. The credit to minorities constituted 15.41% of Priority Sector Advances.

Micro Credit

A new Scheme of National Rural Livelihood Mission (NRLM) was launched in June 2013 which promoted the formation of women SHGs on the basis of affinity and not on the basis of a common activity.

Interest rate of 7% p.a was charged for financing to women SHGs in rural area. Subvention was available under this scheme and additional Interest Subvention of 3 % was provided to the SHGs on prompt payment in 150 identified districts. In FY'14, the Bank received subvention claim of ' 1,77,64,031/- which were credited into the beneficaires accounts. The claims for FY'15 are yet to be lodged.

Micro finance through formation of SHGs & credit linkage of SHGs gained momentum during FY'15. As at the end of March 2015, the Bank had credit linked 2,16,878 SHGs with an amount ' 2013 crore, registering an increase of 12026 SHGs. The number of deposit linked SHGs rose to 2,62,593 cumulatively from 2,46,258 as of previous financial year. The Bank had 1,55,210 credit linked women SHGs and 1,85,719 saving linked women SHGs as on 31st March 2015.

iv. Micro, Small and Medium Enterprises

The Micro, Small & Medium Enterprises (MSME) plays an important role in economic development through their contribution to GDP, exports and employment generation in manufacturing and service sectors.

At the end of March 2015, the credit to MSME sector stood at ' 91,093 crore thereby registering a growth of 21.37% over March 2014 constituting 26.45% of total Non-Food Credit. As against the Statement of Intent (SOI) target of MSE advances of ' 71,100 crore for March 2015, the achievement stood at ' 71,590 crore registering growth of 20.90%.

The Bank implemented recommendations of High Level Task Force constituted by Hon'ble Prime Minister to address the issue of Micro, Small & Medium Enterprises (MSME) sector by:

• Ensuring achievements of 20% growth in credit to Micro and Small Enterprises on Year on Year (YoY) basis. Against the growth of 20% envisaged for March 2015, the outstanding MSE advances were ' 71,590 crore as on 31st March'15, showing YoY growth of 20.90%.

• MSME share in Non-Food Credit of the Bank increased from 23.91% in March 2014 to 26.45% in March 2015.

• The Bank opened 64,327 new Micro Accounts during FY'15 recording YoY growth of 13.72% over 4,68,918 Accounts as on March 2014 compared to the goal of 10%.

The Bank leveraged Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme for providing collateral free loans upto ' 100 lakh with focused attention, vesting Branch Managers with higher loaning powers. As a result, during FY'15, the Bank covered 25,325 cases under the scheme with the credit outlay of ' 1334 crore.

Other Initiatives

• MSE Code

The Bank adopted Code of Bank's Commitment for Micro and Small Enterprises (MSE) formulated by Banking Codes and Standards Board of India (BCSB). This was a voluntary code which set minimum standards of banking practices for banks to follow while dealing with MSEs. It also explained as to how banks were expected to deal with MSEs for their day-to-day operations and in times of financial difficulty.

• MSME Credit Growth Initiative Branches

MSME Credit Growth Initiatives were launched in 250 branches in the month of January 2014, primarily with the following 2 goals to be achieved under this initiative. After this, 35 more branches were added from November 2014 onwards taking the total number of such branches to 285.

• To reduce turnaround time to 2-4 weeks;

• To grow MSME portfolio by 30% on YoY basis.

The MSME portfolio of these identified branches increased from ' 36,283 crore as on 31st March 2014 to ' 44,983 crore as on 31st March 2015, registering growth of 24% against the Bank's overall growth rate of 21.37% in MSME portfolio.

• Interest Concession on Advances to Food & Agro Based Processing Units

Concession in Rate of Interest ranging from 0.50% to 2.50% on Food and Agro based units were extended by the Bank. Apart from that, concession in processing / upfront fee of 50% was also available in these units.

• Concession in Rate of Interest to MSME units engaged in manufacturing of agriculture inputs

Special concessional Rate of Interest i.e. BR+1% to BR+2% was available to MSME units engaged in manufacturing of Agriculture Inputs.

• Loan against Warehouse Receipt

Special concessional Rate of Interest i.e. BR+1%, (inclusive of charges of Collateral Managers) was available under the scheme.

• Interest Concession to Micro and Small Enterprises Covered Under CGTMSE

The Bank extended interest concessions to MSE accounts covered under CGTMSE upto 0.25%. Maximum Rate of Interest capped at BR+4.00% including term premia was available in the CGTMSE covered accounts.

• New Schemes Formulated during FY'15

The Bank formulated a new Scheme i.e., "Supply Chain Financing" for reputed vehicle manufacturing units. In addition to this, the Bank devised two more schemes such as PNB Nirmata for financing MSME manufacturing units and PNB Sewa for financing MSME service units.

Further, the Bank revamped the Scheme for traders as Kushal Vyapari & Super Trade during FY'15. The Bank also revised the scheme of General Credit Card for non-agricultural entrepreneurs.

During FY'15, the Bank entered into a tie up with National Small Industries Corporation (NSIC). In this, NSIC would source the applications to the Bank with sharing of processing fee. Besides, the Bank also formulated Scheme for financing Business Correspondents.

• MSME Clusters

The Bank adopted the cluster based lending approach and adopted 55 clusters to give extensive services to the MSME sector.

Futures & Options Quote
Expiry Date :
938.85    15.35 (1.66%)
Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 934.25
Average Price: 940.44
No. of Contracts Traded: 10,475
Open Interest: 23,03,500
Underlying: PNB
Market Lot: 500
Previous Close: 938.85
Day's High | Low: 951 | 930
Turnover (Cr.): 492.56
Open Int. Change: 0,12,77,000 ([35.67]% )
Key Information

Key Executives:

A Gopinathan , Company Secretary

T C Jhalani , Director (Workmen Employee)

B P Kanungo , Nominee (RBI)

Dilip Saha , Director (Officer Employee)

Company Head Office / Quarters:

7 Bhikhaiji Cama Place,
New Delhi,
New Delhi-110607
Phone : New Delhi-91-011-26102303/23323654/23323657 / New Delhi-
Fax : New Delhi-91-011-26196456/23711663/23766079 / New Delhi-
E-mail : cmd@pnb.co.in
Web : http://www.pnbindia.in


Beetal Fin.&Computer Ser.P Ltd
Beetal House 3rd Flr,Behind Local Shp Cen,Nr Dada Harsukh Das ,New Delhi - 110062

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