Punjab & Sind Bank Auditor Reports

INDEPENDENT AUDITORS REPORT

To

The Member of

Punjab & Sind Bank

Opinion

1. We have audited the accompanying financial statements of Punjab & Sind Bank, (the ‘Bank*), which comprise ll*e Balance Sheet as at 31st March, 2025, and the Profit and Loss Account and the (ash Flow Statement for the year then ended and notes to financial statements including a summary of significant accounting policies and other explanatory information, in which are included returns for year ended on that date of 20 brunches and treasury division audited by us and 398 branches and 42 Offices l Processing Centers audited by Statutory Branch 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 lndia (‘RBI). Also included in the financial statements are the returns from 1192 branches which have not been subjected to audit. These unaudited branches accounted for 21.08% of advances. 43.54% of deposits. 15.16% of interest income and 35.05%of interest expenses.

2. In our opinion and to the best of our information and according to the explanations given to us. the aforesaid financial statements give the information required by the Banking Regulation Act. 1949, as amended (the ‘Act) in the manner so required for bank and are in conformity with accounting principles generally accepted in India and:

a) the Balance Sheet read with the notes thereon is a full and lair Balance Sheet containing all the necessary particulars, is property drawn up so as to exhibit a true and fair view of the state of alfatrs of the Bank as at 31 si March, 2025;

b) lire Profit and Loss Account, read with the notes thereon shows a true balance of profit for the year ended on that dale; and

c) the C ash Flow Statement gives a true and fair view of the cash flows lor the year ended on that dale.

Basis for Opinion

3. Wc conducted our audit in accordance with the Standards of Auditing ("SAs") issued by the Institute of Chartered Accountants of India ("the ICAI") Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report We are independent of the Bank in accordance with the Code of F.lhics issued by the ICAl together with ethical requirements that are relevant to our audit of the financial statements, prepared in accordance w ith the accounting principles generally accepted in India, including the Accounting Standards issued hy the ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars, directions and guidelines issued by the Reserve Bank of India ("RBI") from time to lime and we have fuiniled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have ohtained is suflicient and appropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters arc those matters that, in our professional judgment, were of most significance tn our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial slalcmcnts as a whole. and in forming our opinion thereon, and wc do not provide a separate opinion on these mailers. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matters	How our matter was addressed in the audit
Advances classification and provisioning (Refer Schedule 9 to the financial statements, read with the Accounting Policy No. 3)	Our Audit Procedure:
The advances are classified as performing and non-performing advances (NPA) and provisioning thereon is made in accordance with the Income Recognition. Assets Classification and Provisioning norms and other relevant directions / guidelines (Prudential Norms) as prescribed / issued by the Reserve Hank of India. The classification and provisioning is done by the Banks IT software integrated with its Core Banking Solution (CBS). The extent of provisioning of NPA under the prudential norms are mainly based on its ageing and recoverability of the underlined security.	- We obtained an understanding of the Banks software, circulars, guidelines and directives of the RBI. the Banks internal instructions and procedures, and the guidelines of other concerned regulatory or other authority / bodies in respect of the assets classification and its provisioning and adopted the following audit procedures:
	- Evaluation and testing of the effectiveness of the System controls and other key internal control mechanisms with respect to the advances monitoring, identification / classification, assessment of the loan impairment including testing of relevant data quality, and review of the real data entered / existing in the software.
In the event of any improper application of the Prudential Norms or consideration of the incorrect value of the security, as the valuation of the security involves high degree of estimation and judgement, the carrying value of the advances could be materially misstated either individually or collectively, and in view of the significance of the amount of advances in the financial statements i.e. 60.13 % of total assets, the classification of the advances and provisioning thereon has been considered as Key Audit Matter in our audit.	- Verification / review of the documentations, operations / performance and monitoring of the advance accounts, on test check basis of the large and stressed advances. to ascertain any overdue, unsatisfactory conduct or weakness in any advance account, to ensure that its classification is in accordance with the prudential norms of RBI, in respect of the branches / verticals audited by us. In respect of the branches audited by the branch statutory auditors, we have placed reliance on their reports.
	- Review of the reports of the credit audit, inspection audit, internal audit, concurrent audit, regulatory audit and other audit / inspection mechanisms to ascertain the advances having any adverse indication / comments, and review of the control mechanisms of the bank to ensure the proper classification of such advances and provisioning thereof.
	-Review of the report of the external agency on effectiveness of the Prudential Norms automation to ensure the proper classification of advances and provisioning in the system / CBS.
	Necessary changes / improvements were suggested wherever considered appropriate during the course of audit and the effect / impact wherever required was duly accounted for in the Financial Statements for the year under audit.
Investments valuation, classification and identification and provisioning for Non-Performing Investments	Our Audit Procedure:
(Refer Schedule 8 to the financial statements, read with the Accounting Policy No. 2)	Our audit approach towards Investments with reference to the RBI circulars / directives included the review and testing of the design, operating effectiveness of internal controls and substantive audit procedures in relation to valuation, classification, identification of Non Performing Investments, provisioning / depreciation related to Investments. In particular.
Investment portfolio of the Bank comprises of Investments in Government Securities, Bonds.	- We evaluated and understood the system and internal control as laid down by the Bank to comply with relevant RBI guidelines regarding valuation, classification.
Debentures. Shares, Security Receipts and oilier Approved Securities which are classified under the categories of Held to Maturity (HTM), Available for Sale (AFS) and Fair Value Through Profit and Laws (FVTPL) with Held for Trading (HFT) as sub- category of FVTPL.	- identification of Non Performing Investments, Provisioning/ depreciation and appreciation related to Investments.
Valuation of Investments, identification of Non- Performing Investments (NP1) and the corresponding non-recognition of income and provision thereon, is carried out in accordance with the relevant circulars / guidelines / directions of RBI.	We assessed and evaluated the process adopted for collection of information from various sources for determining fair value of these investments.
The valuation of each category (type) of aforesaid security is to be carried out as per llte methodology prescribed in circulars and directives issued by the RBI which involves collection of data/ information from various sources such as FBI1. rates, rates quoted on BSE/ NSE, financial statements of unlisted companies, NAV in case of security receipts etc.	For selected sample of investments (covering all categories of investments based on nature of security) we tested accuracy and compliance with the RBI Master circulars and directions by re-performing valuation for each category of security in accordance with the RBI Muster Circular/directions.
As per the RBI directions, there are certain investments that are valued at market price however certain investments are based on the valuation methodologies that include statistical models with inherent assumptions, assessment of price for valuation based on financial statements etc.	We assessed and evaluated the process of identification of NIMs, and corresponding reversal of income and creation of provision
Hence, the price discovered for the valuation of these Investments may not he the true representative but only a fair assessment of die Investments as on date Hence the valuation of Investments requires special attention and further in view of the significance of the amount of Investments in the financial statements i.c.28.99% of total assets, the same has been considered as Key Audit Matter m our audit.	We carried out substantive audit procedures to re-compute independently the provision to he created.
	Necessary changes were carried out, wherever required, during the course of audit and the efTect of the same was duly accounted for in the Financial Statements for the year under audit.
Information Technology (IT) and controls impacting financial Reporting	Our Audit Procedure:
The Banks financial accounting and reporting systems are highly dependent on the effective working of the Core Banking Solution (CBS) and other IT systems linked to the CBS or working independently.	- Understanding the coding system adopted by the Bank for various categories of business process.
Our areas of locus relate to the logic that is led into the system, sanctity and reliability of the data, access management and segregation of duties.	- Reviewing die design, implementation and operating effectiveness of the CBS controls including application, access controls that arc critical to financial reporting on test check basis
These underlying principles an: important because they ensure dial changes to applications and data are appropriate, authorized, cleansed and monitored. so that the system generates accurate and reliable reports / returns and other financial and non-financial information that is used for the preparation and presentation of the financial statements.	- Understanding the feeding of the data in the system and going through the extraction of the financial information and statements from the IT system existing in the Bank.
Technology (IT) systems are used in financial reporting process. The Bunks operational and financial processes generate extensive volume on daily basis and process varied and complex transactions which are highly dependent on IT system	- Checking of die requirements for any changes in die regulations / policy of the Bank and configuration / impact of the same in IT.
	- Review of the reports generated by the system on sample basis.
There is a risk that automated accounting procedures and related internal controls may not be accurately designed and operating effectively. and llial the data may have not been correctly entered, processed and generated extracted.	- Review of the reports on IS Audit. System Logic Audit and the major comments and discussion with IT Department on compliance thereof with key IT controls.
	- Discussions with and review of the reports of IT Experts regarding IT system / controls including IT application / solution of Income Recognition, Assets Classification and Provisioning norms and investment valuation /classification etc.
Considering the above, the same has been considered as Key Audit Matter in our audit.	There is continuous improvements. lire system needs to be further strengthened for its efficacy to further control deficiencies of input / output data

Emphasis of Mailer

5. We draw attention Ui Note No, 14(1) uf Schedule \ S of the financial statements, regarding amort izatiod of estimated additional liability on account of revision in family pension amounting to Rs. 236.84 crores. As slated therein, the Bank has charged amount of Ks. 47.37 cmares to ihe Profit &. Loss Account during the year ended 31 si March, 2025 and the tin amortized expense amounting to Rs. 47.37 crores has been carried forward in terms of RBI Circular No. RBI/ 2021-22/105 DOR.ACC.REC.57 /21.04.018/2021-22 dated Oetober 04, 2021.

Ouropinion is not modified in respect oTabove matter.

Information Other than Ibu Financial Statements and Auditors Report (hereon

6. The Banks Board of Directors is responsible for the other information. The other information comprises the Corporate Governance Report, which we obtained at the time of issue of this Auditors Report. The other information also includes Lhe Directors Report, including annexures. if any, thereon (but does not include the financial statements and our auditors reporL thereon), which is expected to be made available to us after the dale o (this Audi tors Report.

Our opinion un the financial statements does not cover the Other In formation and Pillar 3 disclosures under the Basel [Hand wo do not and will not express any form ofassu ranee conclusion thereon. in connection with our audit of the financial statements, our responsibility is Lo read the Other information identified above and. in doing su, consider whether the Other Information is materially inconsistent with the financial statements or our know ledge obtained in the audit, or otherwise appears lobe materially misstated, if, based on the work we have performed on the Other Information that we obtained prior to lhe dale of this Auditors Report, we conclude that there is a material misstatement of tins Other information, we are required to report that fact. We have nothing Lo report in this regard. Further, when we read the Other Information, which is expected lobe made available lo us after Lhe elate of this Auditors Report ifwe conclude that there is a material misstatement therein, we are required to communicate the matter to those charge with governance.

Responsibilities of the Management and those Charged with Governance fur lhe Financial Statements

7. The Banks Board of Directors is responsible with respect lo the preparation of these 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 ICAl.and provisions of Sec Lion 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank oflndia (RBI) from Lime lo 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 delecting frauds and olheT irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, imp Iemeutatio?i and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant Lo the preparation and presentation of the financial statements that give a true and fair view and are free Irom material misslaLement, whether due to fraud or error.

In preparing the financial statements, management is responsible Ibr 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 lo liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Audi1or\ Uesponsibi lilies fur (he Audit of the financial Statements

8. Our objectives arc lo 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 noL a guarantee thaL an audit conducted in accordance with SAs will always detect a material misstatement when it exists. M iss tale men ts 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 linancial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. Wealsu:

• Identify and assess the risks oT material misstatement of the financial slaLemenLs, whether due to fraud or error, design and perform audit procedures responsive to Lhose risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis Tor our opinion. Hie 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 oT internal controls relevant to the audit in order lo design audit procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• 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 Lo continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report lo 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 hunk to cease to continue us a going concern.

* Fivaluale the overall presentation, structure and content of the financial statements, including the disclosures, and whether Lhe financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 i den 1 i fied miss la Lements in the Standalone 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 w ith Lhose charged with governance, we determine those matters that w ere 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 m 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 reportbccau.se the adverse con sequences of doing so would reasonably be expected to outweigh lhe public interest benefits of such communication.

Other Matters

9. We did nol audit the financial statements / information of 398 Branches and 42 Offices / Processing Centers included in the financial statements of the Bank, which reflect total assets of Rs. 22,9K0.28 erores as at j 1st March, 2025 and total revenue ol Rs. 1046.35 erores for lhe year ended on that dale, as considered in these financial statements. The financial statements / in formation of these branches have been audited by Lhe Statutory Branch Auditors whose reports have been furnished to us. and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors.

10. We draw attention to the fact that corresponding figures Tor the year ended at si March. 2024 are based on previously issued financial statements ofthe Bank, that were audited by two predecessor auditors M/k. Chaturvedi & Co. LLP and M/s. Manohar Chowdhry & Associates, along with two present auditors M/s. S. F. Chopra & Co and M s. GupLa Shamia & Associates, who had expressed an unmodified opinion on

Our opinion is not modified in respect of above mailers.

Report on Other Legal and Regulatory Requirements

11. The Balance Sheet and Lhe Profit and Loss Account have been drawn up in accordance with Section 29 ofthe Banking Regulation Act, 1949, us amended:

12. Subject to ihe limitations of the audit indicated in paragraphs 7 to 10 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, I97Q/I9K0, as amended and subject alsu to the limitations of disclosure required therein, and as required by sub- section (3) of Section 30 of the if an k t ng Regula Lion Ac t, 1949, as amended, we report th at:

a) We have obtained all the information and explanations which, to the best ofour knowledge and belief, were necessary for the purposes ofour audit and have found them Lo be satisfactory:

b) The transactions of the Bank, which have come to our notice, have been within the powers of die Bank; and

c) The returns received from Lhe offices and branches of the Bank have been found adequate for ihe purposes of our audit.

13 As required by letter No. DOS.ARG. Nu.6270/08.91.001/2019-20 dated 17lh March, 2020 on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks Reporting obligations fur SC As" read with suhsequenl communication dated 19th May. 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 financial statements comply with the applicable Accounting Standards issued by ICAL lo [he extent they are not inconsistent with the accounting policies prescribed by the RBI.

b) There are no observations or comments on linancial transactions or matters which have any adverse effect on Lhe functioning oTlhe Bank.

c} As the bank is not registered under Lhe Companies Act, 2013 the disqualifications from being a director ofthebank under sub-section (2) ofSeclion 164of LheCompanies Act, 2013 donol apply lo the Bank.

d) There are no qualifications, reservations or adverse remarks relaling to the maintenance of accounts and <i1 her matters connected therewith.

e) Our report on Lhe adequacy and operating effectiveness of the Banks Internal Financial Controls with reference to Financial Statements is given in Annexurc Alo this report expressing an unmodified opinion on ihe Banks Internal Financial Control with reference to the linancial statements as at 3 fsl March, 2025.

14. 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 ofthose books and proper returns adequate for Lhe purposes ofour audit have been received from branches not visited by us;

b) the Balance Sheet, the Profit and Loss Account anil the Cash Nows Statement dealt with by this report ate in agreement with the books of account and with the returns received from the branches not visited by us,

u) die reports on the accounts of the branch offices audited by branch auditors of the Bunk under section 29 of the Banking Regulation AcU 1949, as amended have been sent to us and have been properly dealt with by us in preparing this repurl; and

d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flows Statement comply with the applicable accounting standards, to the extent they are not ineonsistent with the accounting policies prescribed by RBI.

For S. R. Chopra & Co.	For Gupta Sharmu & Associates
Chartered Accountants	Chartered AccounianLs
FRN: 000346N	FRN: 001466N
(CA. Jbuteek Gupta)	(CA. Vinay Saraf)
Partner	Partner
M. No. 566023	M. No. 087262
UDIN; 25566G23BMOUR13I77	UDIN: 250R7262BMKQMQ2449
ForO. P.Tfltla & Co.	For NBS & Co.
Chartered Accountants	Chartered Accountants
FRN: D0Q734C	FRN: i I0100W
(CA. Naveen Kumar Somani)	(CA. Pradecp Shetly)
Partner	Partner
M. No. 429100	M. No. 046940
UDIN: 25429100BMKSQK4232	UDIN: 25046940BMLNAJ7539
Date . 29th April, 2025
Place : New Delhi

ANNE XU RE "A" TO THE INDEPENDENT AUDITORS REPORT

I Referred loin paragraph 13(?) under‘Report OH Other Legal anil Regulatory Requirement;*section of our report of even dull¹ of Punjab ? Sind Bunk)

Report on the Operating Effectiveness of Internal Financial Controls with reference to Financial Statements as required by (he Reserve Bank of India Letter DOS.ARC.Ni>.(?270/08.91.GO 1/2019-20 dated March 17,2020,us amended (the "RBI communication)

We have audi Led I he internal financial controls with reference to financial statements ulPunjab &. Sind Bank (the "Bank") Us of 3 1st March, 2025 in eon junction with our audit of the financial statements of the Bank for the year ended on that dale which includes internal financial controls wiLh reference to financial statements of the selected branches of the Bank.

Managements Responsibility for Internal Financial Controls

The Banks management is responsible for establishing and maintaining internal financial controls based on "the internal control over financial reporting criteria established by the Bank considering the essential components of internal control slated in lhe Guidance Note on Audit oT Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India". These responsibilities include the design, implementation and maintenance oT adequate internal financial controls that were operating efTee Uvely for ensuring the orderly and efficient conduct of its business, including adherence to the Banks policies, the safeguarding ofils 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 o rindia

Auditors Responsibility

Out responsibility is to express an opinion on the Banks internal financial controls with reference to Financial Statements based on our audil. 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 "ICAf") and the Standards on Auditing (SAs) issued by the JCAI, to the extent applicable to an audil 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 with reference to Financial Statements were establishedand maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audil evidence about the adequacy of the internal financial controls with reference to Financial Statements and their operating effectiveness. Our audit of

inLemal [manual controls with reference Lo Financial Statements included obtaining an understanding oT internal financial controls with reference to Financial Statements. assessing the risk that it material weakness exists, and testing and evaluating the design and operating effectiveness of infernal financial controls based on Lhe assessed risk. I he procedures selected depend on the auditors judgement, including the assessment oT the risks oi 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 lo provide a basis for our audit opinion on the Banks internal financial controls with reference to Financial Statements.

Meaning uf Internal financial controls wilh reference to Financial Statements

A Banks internal financial controls with reierenee lo Financial Statements is it 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 with reference to Financial Statements includes those policies and procedures that (1) pertain Lo 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 accordanee wilh generally accepted accounting principles, and that receipts and expenditures oT the Bank are being made only in accordance wilh authorizations of management and directors of the Bank; and (3) provide reasonable assurance regarding prevent ion or timely detection of unauthorized acquisition, use, or disposition of the Banks assets that could have a material effect on Lhe financial statements.

Inherent! Limitations of Internal financial controls with reference lo Financial Statements

Because of the inherent limitations of internal financial controls wilh reference lo Financial Statements, 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 with reference lo Financial Statements lo future periods are subject to the risk that lhe internal financial controls wilh reference to Financial Statements may become inadequate because oT changes incondilions, orthat lhe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, and lo the besloTour information and according to the explanations given to us and based on the consideration of the reports oT the branch auditors referred to in the Other Mutters paragraph below, the Bank has, in all material respects, adequate inLema! financial controls with reference to Financial Statements and such internal financial controls with reference to Financial Statements were operating effectively us at 31 si March- 3025, bastd on "ihe criteria for internal control over financial reporting established by the Bunk considering the essential components of internal control staled in the Guidance Note on Audit oflnternal financial Controls Over financial Reporting issued by the Institute of Chartered Accountants of India.

Other Matter

Our aforesaid report in so far as il relates to the operating Effectiveness of internal financial controls with reference to financial Statements of 398 branches and 42 Offices . Processing Centers is based on the corresponding reports of the respective branch auditors of those branches.

Our opinion is not modified in respect of above matter

for Si. P. Chopra & Co.	For Gupta Sharma &. Associates
Chartered Accountants	Chartered Accountants
FRN: 000346N	FRN: 00I466N
(CA. Prateek Ciupla)	(CA. Vinay Saral)
Partner	Partner
M. No, 566023	M. No. 087262
L!D!N: 25566023BMOUR13177	LI DIN: 25087262BM KQMQ2449
For O. P. Totla & Co.	Fur NBS &. Co.
Chartered Accountants	Chartered Accountants
FRN: 000734C	FRN: tIOIOOW
(CA. Navcen Kumar Somanil	(CA. JVadeep Shelly)
Partner	Partner
M. No. 429100	M. No. 046940
LDIN: 25429100BMKSQK4232	LDIN: 25046940BMLNAI7539
Dale : 29lh April, 2025
Place : New Delhi