The Members of Canara Bank,
Report on Audit of the Standalone Financial Statements. Opinion
1. We have audited the accompanying standalone financial statements of Canara Bank (the Bank), which comprises of the Balance Sheet as at March 31, 2024, the Profit and Loss Account and the Statement of Cash Flow for the year then ended, and notes to standalone financial statements including a summary of significant accounting policies and other explanatory information (Standalone Financial Statement) in which are included the returns for the year ended on that date of:
i) The Head Office, 20 Branches, 1 Integrated Treasury Wing audited by us.
ii) 2672 domestic branches audited by statutory branch auditors.
iii) 4 Foreign branches audited by respective local auditors.
The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet, the Profit and Loss Account and Statement of Cash Flows are the returns from 6912 domestic branches which have not been subjected to audit. These unaudited branches account for 26.85% of advances, 51.90% of deposits, 29.08% of interest income and 49.74% of interest expenses.
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with the accounting principles generally accepted in India and:
a) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the
necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2024;
b) the Profit and Loss Account, read with notes thereon shows a true balance of Profit for the year ended as on that date; and
c) the statement of Cash Flows gives a true and fair view of the cash flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the standalone financial statements section of our report. We are independent of the Bank in accordance with the code of ethics issued by the ICAI together with ethical requirements that are relevant to our audit of the standalone financial statements, prepared in accordance with the Accounting Principles generally accepted in India including the Accounting Standards issued by the ICAI, and the provisions of the Section 29 of Banking Regulations Act, 1949 and circulars and guidelines issued by Reserve Bank of India 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.
Key Audit Matters:
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:
NO Key Audit Matter | Response to Key Audit Matter |
1 Income Recognition, Asset Classification, Adequacy of provisions thereon . | Principal Audit Procedures: Our audit was focused on income recognition, asset classification and provisioning pertaining to advances considering the materiality of the balances. |
Advances constitute the largest class of assets of the bank. Classification, income recognition and provisioning thereon have been in conformity with the guidelines and various norms prescribed by Reserve Bank of India. The management of the bank relies on the CBS (Core Banking Solutions) along with other allied IT systems accompanied by various estimates, prudent judgement relating to performance of borrowers, determination of security value, manual interventions including services of experts & professionals for asset classification, Income recognition and provisioning thereon. | We assessed the Banks system in place to identify and provide for nonperforming assets. |
Our audit approach consisted of testing of the design and operating effectiveness of the internal controls with respect to the followings: | |
Assessing the Controls with respect to approval, documentation, disbursement, monitoring of advances. | |
Review of the CBS and other related & allied systems for compliance with the prudential norms issued by Reserve Bank of India. | |
Evaluation of the design of internal controls relating to identification and making provision for nonperforming assets. | |
Review of the relevant information technology systems used in identification and making provision for such NPA as per the RBI Guidelines. | |
Evaluated and tested the management estimates and judgements for the purpose of identification of NPA and adequacy of provision required as per RBIs Prudential norms. | |
Reviewed the reliability, effectiveness and accuracy of the manual interventions, wherever it has come to our knowledge on test check basis. | |
Relied on the reports / returns/ judgements of the Statutory Branch Auditors (SBA) in case of branches not audited by us for identification and provisioning for nonperforming assets and for overall compliance in conformity with SA-600 | |
Test checked the identification and provisioning of nonperforming assets in accordance with RBI Guidelines issued from time to time and also the mechanism for identification of stressed accounts | |
Relied on the opinions and reports of various experts, which includes independent valuers, lawyers, legal experts and such other professionals, who have rendered services to the bank in various capacities in conformity with SA-620. | |
Reviewed the internal audit/inspection reports/ Concurrent audit reports, wherever available. |
2 Classification and | Principal Audit Procedures: |
Valuation of Investments, Identification of and provisioning for NonPerforming Investments: | Our audit was focused on valuation, classification, identification of nonperforming investments (NPIs), provisioning/ depreciation related to Investments. |
Investments include investments made by the Bank in various Government Securities, Bonds, Debentures, Shares, Security receipts and other approved securities. These are governed by the circulars and directives of the RBI. The valuation of each category (type) of the aforesaid securities is to be done as per the method prescribed in circulars and directives issued by the RBI which involves collection of data/information from various sources such as FIMMDA rates, rates quoted on BSE/NSE, financial statements of unlisted companies | We understood and evaluated the Banks system in place to identify and provide for NPI/ depreciation related to investments. |
We assessed and evaluated the process adopted for collection of information from various sources for determining fair value of these investments. | |
For the selected sample of investments in hand, we tested accuracy and compliance with the RBI Master Circulars and directions by reperforming valuation for each category of security. | |
We carried out substantive tests including arithmetical accuracy, data accuracy and control over the financial reporting system to recompute independently the provision to be maintained and depreciation to be provided in accordance with the circulars and directives of the RBI |
3 Key Information Technology (IT) systems used in financial reporting process. | Principal Audit Procedures: |
The Banks operational and financial processes are dependent on IT systems due to large volume of transactions that are processed on daily basis and hence, considered as a key audit matter, correctness & effectiveness of which are mainly dependent on the Core Baking Solution (CBS) and other allied systems. | We conducted an assessment and identified key IT applications, databases and operating systems that are relevant to our audit and have identified CBS, BSPL Reporting Package and Treasury System primarily as relevant for financial reporting. |
Our audit approach consisted testing of the design and operating effectiveness of the internal controls as follows: | |
We have relied upon the consistent and accurate functioning of CBS & other allied systems with respect to Income Recognition, Classification of Assets and provisioning of advances in conformity with the RBI guidelines, reconciliation & ageing of various suspense and sundry accounts along with such other accounts, recording investment transactions. | |
Obtained an understanding of the Banks IT control environment and IT policies during the audit period. | |
Reviewed the design, implementation and operating effectiveness of the Banks basic IT controls including application, access controls that are critical to financial reporting on test check basis. | |
Reviewed the IS Audit Reports and discussed with IS Wing on compliance to key IS Controls. | |
Tested key automated and business cycle controls and logic for system generated reports relevant to the audit on test check basis. |
4. Deferred Tax Asset | Principal Audit Procedures: |
The bank has recognized a net deferred tax asset of 5707.51 Crores as on March 31, 2024. Objective estimation, recognition and measurement of Deferred Tax Asset are based on the judgement and numerous estimates regarding the availability of profits in future in conformity with AS-22 issued by the ICAI. It has been carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. | |
We have performed the following procedures as part of of our control testing: | |
Review of the policies used for recognition and measurement of deferred tax assets in accordance with AS-22- Accounting for Taxes on Income. | |
Assessedtheprobability of the availability and certainty of profits against which the bank will be able to use the Deferred Tax Asset in future. |
5 Various Litigations & Contingent Liability | Principal Audit Procedures: |
Assessment of Contingent liabilities in respect of certain litigations with respect to taxes and various other claims filed by other parties upon bank, not acknowledged as debts. | We have performed the following procedures as part of our control testing |
Reviewed the current status of the tax litigations and other contingent liabilities. | |
Examined the communications received from various authorities and follow up actions thereon. | |
The banks assessment is supported by facts of matter, their own judgement, past experience and advises from independent experts, wherever necessary. | |
Evaluated the merits of the subject matter under consideration with reference to the background and relied on the expert opinion thereon. | |
Accordingly, unexpected adverse outcomes may impact the banks profit and the balance sheet. |
Information other than the Standalone Financial Statements and Auditors Report thereon
5. The Banks Board of Directors is responsible for the preparation of other information.The other information comprises the Pillar III Disclosures under the New Capital Adequacy Framework (BASEL III Disclosures) (but does not include the financial statements and our auditors report thereon), Corporate Governance Report, which we obtained prior to issuance of this Auditors Report and the Directors Report, Key Financial Indicators and Shareholders Information, which is expected to be made available to us after the date of our auditors report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditors report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to Those Charged with Governance.
Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements:
6. The Banks Board of Directors is responsible with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India (RBI) from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Banks 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 Bank or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the banks financial reporting process.
Auditors Responsibilities for the Audit of the Standalone
Financial Statements:
7. 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 auditors 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 SAs 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 SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
a) 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.
b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
d) Conclude on the appropriateness of managements 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 banks ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the bank to cease to continue as a going concern.
e) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
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.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other Matter:
8. We did not audit the financial statements / information of 2672 domestic branches and 4 foreign branches included in the Standalone Financial Statements of the Bank whose financial statements / financial information reflect total advances of 4,11,083.76 crores as at March 31, 2024 and total revenue of 37,281.09 crores for the year ended on that date, as considered in the Standalone Financial Statements. These branches and processing centres cover 39.95% of advances, 44.80% of deposits, 45.60% of non-performing assets and 40.43% of revenue. The financial statements / information of these branches has been audited by the Banks Statutory Branch Auditors whose reports have been furnished to us and in our opinion in so far as it relates to the amounts and disclosures included in respect of branches, is based solely on the reports of such Branch auditors.
Our opinion is not modified in respect of this matter. Report on Other Legal and Regulatory Requirements:
9. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;
10. Subject to the limitations of the audit indicated in above paragraphs and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, we report that:
a) We have sought and obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;
b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and
c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.
11. As required by RBI Letter No. DOS.ARG. No. 6270/
08.91.001 / 2019-20 dated March 17, 2020 on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks - Reporting obligations for SCAs from FY 2019-20", read with subsequent communication dated May 19, 2020 issued by RBI, we further report on the matters specified in paragraph 2 of the aforesaid letter as under:
a) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards issued by ICAI, to the extent they are not inconsistent with the accounting policies prescribed by the RBI.
b) There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the bank.
c) On the basis of the written representations received from the directors as on March 31, 2024, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Companies Act, 2013.
d) There are no qualifications, reservations or adverse remarks relating to maintenance of accounts and other matters connected therewith.
e) Our audit report on the adequacy and operating effectiveness of the Banks Internal Financial Controls over Financial Reporting as required by the RBI Letter OS.ARG.No.6270/08.91.001/ 2019-20 dated March 17, 2020 (as amended) is given in Annexure A to this report. Our report expresses an unmodified opinion on the Banks Internal Financial Controls over Financial Reporting as at March 31, 2024.
12. We further report that:
a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;
b) the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows dealt with by this report are in agreement with the books of accounts and with the returns received from the branches not visited by us;
c) the reports on the accounts of the branch offices audited by branch auditors of the Bank under Section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and
d) In our opinion, the Balance Sheet, Profit and Loss Account and the Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.
13. The corresponding standalone financial statements of the bank for the year ended March 31, 2023, were audited by five joint auditors of the bank, two of whom were predecessor audit firms, and they had expressed an unmodified opinion on standalone financial statements vide their report dated May 08, 2023.
For P. A. & ASSOCIATES CHARTERED ACCOUNTANTS FRN : 313085E |
For ARUN K AGARWAL & ASSOCIATES CHARTERED ACCOUNTANTS FRN : 003917N |
(S.S.PODDAR) PARTNER MEMBERSHIP NO: 051113 UDIN:24051113BKHJJM7027 |
(ARUN KUMAR AGARWAL) PARTNER MEMBERSHIP NO: 082899 UDIN: 24082899BKFQGV4359 |
For SARATH & ASSOCIATES CHARTERED ACCOUNTANTS FRN : 005120S |
For K VENKATACHALAM AIYER & CO CHARTERED ACCOUNTANTS FRN : 004610S |
(VEGUNTA SAI ROOP KUMAR) PARTNER MEMBERSHIP NO: 213734 UDIN:24213734BKCAKH1535 |
(A GOPALAKRISHNAN) PARTNER MEMBERSHIP NO: 018159 UDIN:24018159BKGFOD7176 |
For RODI DABIR & CO
CHARTERED ACCOUNTANTS FRN : 108846W
(DILIP RODI)
PARTNER
MEMBERSHIP NO: 035810 UDIN:24035810BKHSMQ4448
Place : Bengaluru Date : 08.05.2024
ANNEXURE A
TO THE INDEPENDENT AUDITORS REPORT
(Referred to in Paragraph 11(e) under Report on Other Legal and Regulatory Requirements
Section of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting as required by the Reserve Bank of India (the RBI) Letter DOS.ARG.No.6270/08.91.001/ 2019-20 dated March 17, 2020 (as amended) (the RBI communication)
We have audited the internal financial controls over financial reporting of Canara Bank ("the Bank") as of March 31, 2024 in conjunction with our audit of the standalone financial statements of the Bank for the year ended on that date which includes internal financial controls over financial reporting of the Banks branches.
Managements Responsibility for Internal Financial Controls
The Banks management is responsible for establishing and maintaining internal financial controls based on the Internal Financial Controls Over Financial Reporting criteria established by the Bank considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Banks policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Banking Regulation Act, 1949 and the circulars and guidelines issued by the Reserve Bank of India.
Auditors Responsibility
Our responsibility is to express an opinion on the Banks Internal Financial Controls Over Financial Reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India (the "ICAI") and the Standards on Auditing (SAs) issued by the ICAI, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained, and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting and their operating effectiveness. Our audit of Internal Financial Controls Over Financial Reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal financial controls based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the branch auditors, in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our unqualified audit opinion on the Banks internal financial controls over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Banks internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Banks internal financial controls over financial reporting includes those policies and procedures that:
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Bank are being made only in accordance with authorisations of management and directors of the Bank; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Banks assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the branch auditors referred to in the Other Matters paragraph below, the Bank has, in all material respects, adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2024, based on the criteria for internal control over financial reporting established by the Bank considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Other Matters
Our aforesaid report in so far as it relates to the operating effectiveness of internal financial controls over financial reporting of 2792 branches is based on the corresponding reports of the respective branch auditors of those branches.
Our opinion is not modified in respect of this matter.
For P. A. & ASSOCIATES |
For ARUN K AGARWAL & |
CHARTERED ACCOUNTANTS |
ASSOCIATES |
FRN : 313085E |
CHARTERED ACCOUNTANTS |
FRN : 003917N | |
(S.S.PODDAR) |
(ARUN KUMAR AGARWAL) |
PARTNER |
PARTNER |
MEMBERSHIP NO: 051113 |
MEMBERSHIP NO: 082899 |
UDIN: 24051113BKHJJM7027 |
UDIN: 24082899BKFQGV4359 |
For SARATH & ASSOCIATES CHARTERED ACCOUNTANTS FRN : 005120S |
For K VENKATACHALAM AIYER & CO CHARTERED ACCOUNTANTS FRN : 004610S |
(VEGUNTA SAI ROOP KUMAR) |
(A GOPALAKRISHNAN) |
PARTNER |
PARTNER |
MEMBERSHIP NO: 213734 |
MEMBERSHIP NO: 018159 |
UDIN: 24213734BKCAKH1535 |
UDIN: 24018159BKGFOD7176 |
For RODI DABIR & CO
CHARTERED ACCOUNTANTS FRN : 108846W
(DILIP RODI)
PARTNER
MEMBERSHIP NO: 035810 UDIN: 24035810BKHSMQ4448
Place : Bengaluru Date : 08.05.2024
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