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BSE:532218 | NSE:SOUTHBANKEQ | 58888:sib | IND:Finance - Banks - Private Sector | ISIN code:INE683A01023 | SECT:Banks
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The Board of Directors is pleased to place before you, the 87th Annual Report of the Bank along with the Audited Balance Sheet as at March 31,2015 and the Profit and Loss Account for the year ended March 31, 2015.
The performance highlights of the Bank for the financial year ended March 31, 2015 are as follows:
Key Parameters Rs. in crore
2014-15 2013-14
Deposits 51912.49 47491.09
Gross Advances 37725.65 36403.10
Total Gross Business 89638.14 83894.19
Operating Profit 816.26 884.35
Net Profit 307.20 507.50
Capital & Reserves 3589.40 3368.05
Capital Adequacy (%) - Basel-II 12.06 12.53
Basel-III 12.01 12.42
Earnings Per Share (EPS) :
(a) Basic EPS (in Rs.) 2.28 3.78
[face value Rs. 1/-]
(b) Diluted EPS ( in Rs.) 2.27 3.77
[face value Rs. 1/-]
Book Value per Share (in Rs.) 26.59 25.06
[face value Rs. 1/-]
Gross NPA as % of Gross Advances 1.71 1.19
Net NPA as % of Net Advances 0.96 0.78
Return on Average Assets (%) 0.56 1.00
FINANCIAL PERFORMANCE Profit
The Net Operating Income of the Bank increased by Rs.96.07 crore (5.44%) from Rs.1767.24 crore to Rs.1863.30 crore. The growth in Non-Interest Income was Rs.128.61 crore (34.90%) during the year. The Bank achieved an Operating Profit of Rs.816.26 crore as against Rs.884.35 crore during the previous year and has achieved a net profit of Rs.307.20 crore during the year against the net profit of Rs.507.50 crore posted during the previous year. The moderation in profit is primarily attributable to increased provisioning requirements emanating from loan loss, Funded Interest Term Loan (FITL), restructured assets, employee benefits based on the recently concluded industry wide wage settlement and actuarial liability on superannuation benefits due to softening of market yield.
The Operating Profit for the year under review was Rs.880.89 crore before depreciation, taxes and provisions as against Rs.928.95 crore for the year 2013-14. Net profit was Rs.307.20 crore and the profit available for appropriation was Rs.347.06 crore as per details given below:
(Rs. in crores)
Profit before depreciation, taxes and provisions 880.89
Less: Depreciation on Fixed Assets@ (1.11)
Provisions for Non-Performing Assets 223.58
Provision for FITL 86.82
Provision for depreciation on investments 13.72
Provision for Income/Wealth Tax 160.75
Provision for standard Assets 31.37
Provision for restructured Assets 32.56
Provision for other Impaired Assets 10.88
Provision for Un-hedged Forex exposure 15.12 573.69
Net profit 307.20
Brought forward from previous year 39.86
Profit available for appropriation 347.06
@ In view of the change in accounting policy, the write back amounting to Rs.65.74 crore off set with current year depreciation Rs.64.63 crore.
(Rs. in crores)
Transfer to Statutory Reserves 76.81
Transfer to Capital Reserves 3.86
Transfer to General Reserves 50.00
Transfer from Investment Reserve (6.79)
Transfer to Special Reserve 30.00
Proposed Dividend 81.01
Dividend Tax on Proposed Dividend 16.95
Balance carried over to Balance Sheet 95.22
Total Appropriation 347.06
The Board of Directors recommended a dividend of 60% (tax- free in the hands of shareholders), i.e., @ Rs.0.60 per Equity Share of face value of Rs.1/- per share.
The Bank had been successful in widening its network pan India with 822 branches and 1200 ATMs. The Bank has opened 53 new offices (28 branches and 25 extension counters) and 200 ATMs across the country during the financial year 2014-15. The branch network now covers 30 states/union territories.
The Bank further plans to open a maximum of 50 new offices (with a mix of Branches & Extension Counters) and 150 ATMs during the financial year 2015-16.
The BankRs.s issued and paid-up capital stood at Rs.135.02 crore as on March 31, 2015. During the year, 62,04,475 stock options granted under Employee Stock Option Scheme had been exercised by eligible employees.
The capital plus reserves of the Bank has moved up from Rs.3368.05 crore to Rs.3589.40 crore on account of the above and the plough back of profits during the year.
THE CAPITAL TO RISK WEIGHTED ASSETS RATIO (CRAR)- Basel III & Basel II
The Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on March 31, 2015 according to Basel III guidelines is 12.01%, as against the statutory requirement of 9%. Tier I CRAR constitutes 10.43% while Tier II CRAR works out to 1.58%.
The Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on March 31,2015 according to Basel II guideline is 12.06%, as against the statutory requirement of 9%. Tier I CRAR constitutes 10.46% while Tier II CRAR works out to 1.60%.
The Bank follows standardized approach, Standardized Duration approach and Basic Indicator approach for measurement of capital charge in respect of credit risk, market risk and operational risk respectively.
The BankRs.s shares continue to be listed on BSE Ltd. and The National Stock Exchange of India Ltd. The Bank confirms that it has paid the listing fees to both the Stock Exchanges for the year 2015-16.
The Cochin Stock Exchange Limited, where the shares of the Bank were listed, had been exited from the Equity Trading Business w.e.f. 23rd December, 2014 vide SEBI order No.WTM/ RKA/ MRD/163/2014 dtd. 23rd December, 2014.
The Bank has achieved a total Gross Business of Rs.89,638.14 crore, consisting of Total Deposit of Rs.51,912.49 crore and Gross Advances of Rs.37,725.65 crore as on March 31,2015.
The total deposits of the Bank increased from Rs.47,491.09 crore as on March 31,2014 to Rs.51,912.49 crore registering a growth of 9.31%.
The break-up of the deposit as on March 31, 2015 is as under:
Amount (Rs. in crore) % to total Deposits
Current Deposits 1817.85 3.50
Savings Deposits 8868.45 17.08
Term Deposits 41226.19 79.42
Total 51912.49 100.00
The Bank during the year concentrated more on Core Deposit, the segment witnessed a growth of 20.61%. Savings Bank Deposits grew by 11.74% on a year to year basis. During the financial year 2014-15, the Bank had been opened 5.77 lakh new Savings Bank Accounts and 13,245 Current Accounts. The Bank, as a part of effective cost management of liabilities, took steps to shed off Bulk Deposits of Rs.2,837.22 crore. NRI Deposits has grown by 29.17% to Rs.1 1,393.15 crore.
The Bank has accorded priority to meaningful financial inclusion exercise during the period under reporting while opening new deposit relationship.
During the year, the gross advances of the Bank registered a subdued growth of 3.63%, to touch Rs.37,725.65 crore. Low growth indicated earlier reflects, inter-alia, slow off-take of credit and also a pragmatic approach towards due diligence to ensure quality of assets. Total Priority Sector advances as at the end of the financial year stood at Rs.15,597.02 crore, constituting 41.02% of the Adjusted Net Bank Credit (ANBC). Exposure to agriculture sector amounted to Rs.6,281.80 crore forming16.52%* of ANBC as at the end of the financial year. Break-up of exposure under Priority Sector is furnished below:
Amount (Rs. in crore)
Agriculture & Allied activities 6,281.80 (including investments in RIDF)
Small Enterprises 7,287.45
Other Priority Sector 2,027.77
Total Priority Sector 15,597.02
* As per RBI guidelines, indirect lending in excess of 4.5% of ANBC is not reckoned for computing achievement under the sub-target of 18% for the agriculture sector due to which the achievement under the subsector is 11.81%. However, the same is reckoned for computing achievement under the overall priority sector of 40% of ANBC.
Although global economy is improving slowly, Euro Zone Economies are yet to fully recover from the after effects of the global financial crisis. Economic growth in USA is firming up on the backdrop of improving labour and housing market. Even though Quantitative Easing by US Fed came to an end, global liquidity still remains high on the backdrop of quantitative easing by European Union and Japan. Crude oil prices plunged on the backdrop of weak demand outlook and concern over US shale gas supply.
India remains beneficiary of fall in crude oil prices with moderation in inflation, containing fiscal deficit and current account deficit. Considering the easing of inflationary pressures, RBI has cut the policy rate by 50 bps during the year. Industrial activity witnessed marginal recovery with cumulative growth in IIP improving to 2.8% in FY 2015 from contraction of 0.1% during FY 2014. Global rating agency S & P upgraded its outlook on IndiaRs.s sovereign rating to stable from negative. Overall, debt and equity markets remained buoyant during FY 2015.
BankRs.s gross investment portfolio stood at Rs.16,717.16 crore as on March 31, 2015 compared to Rs.14,351.77 crore as on March 31, 2014, registering a growth of 16.48%. Investment Deposit ratio moved from 30.22% as on March 31, 2014 to 32.20% as on March 31, 2015.
Profit on sale of investment registered healthy growth from Rs.69.88 crore in FY 2014 to Rs.164 crore in FY 2015. Total interest income from investments for the FY 2015 was Rs.1,053.73 crore as against Rs.954.48 crore for the FY 2014, registering a growth of 10.40%.
During the year 2014-15, as a result of the focused and sustained efforts like early recovery of NPAs, through prompt and effective measures under the SARFAESI Act, follow up of recovery cases pending before DRTs and civil courts, one time compromise settlements of accounts, etc., Bank could recover NPAs to the extent of Rs.278.80 crore, (recovery including up- gradation Rs.85.40 crore) as against the target of Rs.250.00 crore. Special thrust was given on selection and underwriting of credit, adequate due diligence and improvement in credit administration to ensure improvement in the quality of assets.
During the year, the Gross NPA of the Bank has increased from Rs.432.62 crore as on March 31, 2014 to Rs.643.45 crore as on March 31, 2015 and Net NPA increased from Rs.281.67 crore as on March 31, 2014 to Rs.357.05 crore as on March 31, 2015. Despite improvement in recovery of NPAs, fresh slippage to the tune of Rs.306.66 crore during the year led to increase in the level of gross NPA to Rs.643.45 crore. In terms of percentages, the GNPA increased from 1.19% as on March 31, 2014 to 1.71% as on March 31, 2015 and Net NPA increased from 0.78% as on March 31, 2014 to 0.96% as on March 31, 2015.
Ever growing dependence on technology and digitalization has changed the contour of delivery channels of financial services in the Industry. The major players - both domestic and international- have been adopting progressively updated and state of art technology. This has created greater awareness in customers about products and delivery systems.
Indian Banking industry, today is in the midst of IT second phase of revolution. A combination of regulatory and competitive factors has led to increasing dependence on comprehensive automation in the Indian Banking Industry.
Information technology has basically been used under different avenues in Banking like Communication and Connectivity, Business Process Reengineering, new product rollout etc. Information technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets.
Information Technology and its huge potential to offer innovative solutions have paramount importance for growth and sustenance of the Banks. The turnaround time for rolling out a technology product in banks has been visibly diminishing, which essentially calls for a robust, adaptable system in place to execute projects right from initiation to consumption.
The Bank, an early adopter of technology with a view to providing safe and convenient banking facilities to its customers, has introduced host of services and facilities for enhancing customer satisfaction. The Bank has been successfully functional with Finacle Core Banking Solution (CBS) from Infosys for several years. CBS has been the key component in introducing the following latest technology services by the Bank for the benefit of its customers.
- Real time on-line ATMs having affinity with NFS (National Financial Switch), Master, VISA and RuPay payment and settlement agencies.
- Debit Card operations with VISA, MAESTRO and RuPay.
- Mobile Banking and M-commerce (with support for other bank money transfer through IMPS, P2A, P2M (issuer), Unstructured Supplementary Service Data (USSD code *99#), Missed call services for retrieving balance through SMS etc).
- ASBA (Application Supported by Blocked Amount).
- Foreign inward Instantaneous remittance with own payment Hub system.
- De-mat and On-line Trading Facility.
- Point of Sale (POS).
- Portfolio Investment Scheme for NRI Community.
- Central Plan Scheme Monitoring System (CPSMS).
- Kiosk based Financial Inclusion Solution.
- Cash Deposit Machines.
- Advanced version of Internet Banking Application with augmented security controls and enhanced customer friendly features.
- Captive Security Operation Centre (CSOC) in line with GKC (Gopalakrishna Committee recommendations of RBI for monitoring and management of IT Systems).
- Fraud Risk Management Solution (fRm) for ATM/POS/CNP channel.
- Business Process Management solution leading to a paperless environment and reduced turnaround time.
- Mobile Pass Book for customers.
- Automated Clearing House (ACH) Payment Service.
- MSME loan application through website.
- NRI account opening through website.
- Direct Benefits Transfer for transferring Govt. subsidies.
- SIB Mirror mobile application (developed in house).
IT initiatives/Solutions embarked during the year
The following list demonstrates a few of the IT enabled services/ solutions that the Bank has launched during the year to serve its Customers in a better and efficient way.
- Version migration of CBS with enriched features leading to increased internal efficiency of operations, augmented control over various functions through stream lined processes.
- ISO 27001 implementation for DC/DR and IT operations.
- Technology solution for Basel II advanced approach.
- Integrated CRM solution to help business users for better understanding of our customers.
- Foreign Inward Remittance through Mobile Banking.
- Premium variant of ATM Cards (Master Card Platinum, RuPay Platinum MasterCard World EMV Chip Card).
- Prime Minister Social Security Schemes like Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
- Centralized Processing Centre (cPc).
Information Security and Risk Management
As banks adopt progressively sophisticated technology as part of their ongoing strategic tool to face challenges in the emerging realities of banking, they are increasingly exposed to technology risks. It is therefore imperative for each bank to work out appropriate IT risk management strategies to secure its most vital information asset and ensure that related risk management systems and processes are strengthened on continual basis to secure both present and future banking activities. SIBRs.s Information Security Policy and other IT Policies - IT Operation Policy, IT Governance Policy, IT outsourcing Policy and Information Security systems have already taken these aspects into consideration. Further, the Information Security of banking IT functions is getting strengthened through implementation of a captive SOC (Security Operation Centre).
The Bank has been providing awareness on e-threats to its customers and staff on a continued basis so that both proactive and reactive measures can be initiated, as deemed appropriate, to mitigate potential risks associated with e-threats.
The Bank has been implementing the stipulations and guidelines articulated and issued by RBI based on the working group recommendations on Electronic Banking Technology Risk, Information Security and Cyber Frauds as a part of the IT governance programme (Gopalakrishna Committee Report).
IT Training
During the year, many training programmes had been attended by the BankRs.s officers in premier institutions such as IDRBT,
NIBM to keep themselves abreast with the advancements in IT, Information Security, CRM etc.
Gopalakrishna Committee Recommendations Management Philosophy & Measures
Gopalakrishna Committee Recommendations on Information Security, Electronic Banking, Technology Risk and Cyber Frauds as applicable to the bank have been taken up for enforcement and implementation. Effective measures have been taken to address the identified gaps in each area such as IT Governance, Information Security, IT Service outsourcing, IS Audit, IT Operations, Cyber Frauds, Business Continuity Plan (BCP), Customer Education and Legal issues. The IT Organization setup has been redrawn to suit the functions/roles specified in the recommendations with segregation of duties. Technology, Development, IT Operations and IT Assurance functions have been clearly divided and now independently headed.
IT Strategy Committee of the Board, IT Steering Committee, Information Security Committee and Chief Information Officer (CIO) are in place, and Chief Information Security Officer (CISO) reports independently to the Head of Risk Management.
Revamped Information Security policy incorporating the various guidelines and stipulations mentioned in the report has been approved by Board and is in place. Presently the policy is under the process of review to make it in alignment with ISO 27001 guidelines. In addition, other IT Policies such as IT Operation Policy, IT Governance Policy and IT Outsourcing Policy are also enforced.
The progress of implementation of GKC recommendations are reviewed by IT Strategy Committee of Board and Board of Directors on quarterly basis. The major items which are under process to achieve compliance to GKC recommendations are as follows:
1. Comprehensive Fraud Risk Management.
2. ISO 27001 Implementation
3. Near line DR Center Solution
The full compliance with the GKC recommendation will be realized in a time bound manner with creation of various infrastructural support required for the same.
Awards and Accolades:
The Bank has received the following awards/rewards during the financial year
Banking Technology Excellence Award-(tenth edition-2014) for Rs.Best IT TEAMRs.-(Small Bank category) from IDRBT, the technical arm of Reserve Bank of India.
Special Recognition among private sector banks "Banking Frontiers - Inspiring Work Places Award" during the year 2014-15.
Best Bank (Private Sector) in the BFSI (Banking, Financial Services and Insurance) Awards 2015 instituted by ABP News.
Risk is an integral part of the banking business. Management of risk is aiming at achieving best trade-off between risk and return becomes a national corollary. Sound risk management is critical to a bankRs.s success. Business and revenue growth have therefore to be weighed in the context of the risks embedded in the bankRs.s business strategy. Of the various types of risks the Bank is exposed to, the most important are credit risk, market risk and operational risk. The identification, measurement, monitoring and mitigation of risk continued to be key focus area for the Bank. The risk management function attempts to anticipate vulnerabilities at the transaction level or at the portfolio level through quantitative examinations of embedded risks. The risk management strategy of the Bank is based on a clear understanding of various risks, disciplined risk assessment, risk measurement procedures and continuous monitoring for mitigation. The policies and procedures established for this purpose are continuously monitored and benchmarked against the best practices followed in the industry.
Risk Management Policy Framework
The Bank has a comprehensive policy framework which contains separate policies for identification, measurement and management of all material risks including but not limited to credit, market, operational, liquidity and other Pillar-II risks. The bank has put in place an integrated risk management policy which ensures the independence of the risk governance structure. The details of Risk Management practices are provided in Management Discussion and Analysis Report annexed to the DirectorRs.s Report.
Compliance with Basel III and Basel II framework
In compliance with regulatory guidelines on Pillar I of Basel III norms, Bank has computed capital charge for credit risk as per the Standardized Approach, for market risk as per the Standardized Duration Method and for operational risk as per the Basic Indicator Approach. To address the issues of Pillar II, the Bank has implemented ICAAP (Internal Capital Adequacy Assessment Process), integrating capital planning with budgetary planning and to capture residual risks which are not addressed in Pillar I, like credit concentration risk, interest rate risk in the banking book, liquidity risk, earnings risk, strategic risk, reputation risk etc. the Bank has adopted a common framework for additional disclosures under Pillar III for adhering to market discipline of Basel II and Basel III guidelines. This requires the Bank to disclose its risk exposures, risk assessment processes and its capital adequacy to the market in a more consistent and comprehensive manner.
The Bank has initiated steps for moving over to Advanced Approach under the Basel II framework for CRAR computation in line with the relevant guidelines issued by Reserve Bank of India. To expedite the process, consultants and system implementation partners have since been engaged.
The total forex business turnover for the year ended March 31, 2015 was Rs.1,92,534.64 crore (comprising Merchant Turnover of Rs.10,714.35 crore and Interbank Turnover Rs.1,81,820.29 crore) recording an increase of 15.08% as compared to the previous financial year. The Bank earned an exchange profit of Rs.31.59 crore. The Bank has also earned a profit of Rs.1.74 crore from bullion business and has sold 41.56 kg of gold during the FY 2014-15.
At present the Bank is having rupee inward remittance arrangement with 5 Banks and 32 Exchange Houses and turnover for the year ended March 2015 was Rs.7,180.67 crore registering an increase of 23.14% as compared to the previous financial year. During the FY 2014-15, Bank has concluded 2 new Rupee Drawing arrangements under speed remittance from UAE with GCC Exchange and Joyalukkas Exchange. The Bank continued providing managerial support to M/s Hadi Express Exchange, UAE. We have presently deputed 17 officers of the Bank to manage the operations of Hadi Express Exchange. Considering the scope in improving our remittance business through arrangements with EHRs.s, the Bank has deputed 4 officers to UAE with UAE Exchange Centre, Al Ansari Exchange and Al Ahalia Money Exchange.
The NRI Division of the Bank aims at personalized and dedicated services to NRI customers. It also extends support to branches / customers, takes initiatives and closely monitors the growth of NRI Business. In order to improve the NRI business and to ensure better service to NRIs at branch level, NRI relationship officers were selected at all branches having NRI business of Rs.5 crore and above and also set up an NRI desk in all branches having NRI business of Rs.10 crore and above. NRI deposit of the Bank constitutes 28% of the total bankRs.s core deposits and NRE/NRO savings bank deposits amounts 21.99% of the total CASA of the Bank. Total NRI deposit registered a growth of 29.17% during 2014-15.
NRI Division has been successfully implementing Welcome Kits to NRE privilege accounts enabling instant activation. Such accounts are now available at all branches of Hadi Express Exchange, at selected branches of SIB in Kerala and to marketing officers in UAE. The initiative is widely accepted in the market and added momentum in opening of NRE SB accounts, thereby improving the share of low cost deposits of the Bank. The next generation service to the NRI customers "ONLINE NRE/NRO account opening" facilitates NRIs to open NRE/NRO accounts at the comfort of their home/office. A new channel of communication has been introduced in NRI Division through skype (skype id "talk2nricell") to facilitate video/audio calling for NRIs. To accelerate NRI business growth and to retain valued customer in our fold, NRI meets were arranged at all regions in Kerala. The Bank had opened and managed a stall in the Indian Pavilion during the Dubai Shopping Festival, at UAE to promote NRI services. All these efforts resulted in achieving a growth in the total NRI deposit business of the Bank, during 2014-15.
The Bank accords utmost importance to the process of skill enhancement. Training Programmes are conducted at SIB Staff Training College (SIBSTC), Thrissur and at 6 Regional Training Centers (RTCs) at ROs for enhancement of professional skills of the staff. The training programmes are designed to develop competency of operating personnel while imbibing the SIB spirit and culture through an effective learning process. The success of these programmes reflects on the enhanced organizational productivity. SIBSTC and the RTCs identify gaps in skills of the personnel and provide learning to them for qualitative improvement. During the year 2014-15, the Bank has imparted training to 2,416 officers, 1,476 clerks and 147 sub-staff in various aspects of banking operations. Thus, the Bank has provided training to a total of 4,039 of its personnel, which is about 52% of total staff strength of 7,825 as on March 31, 2015. This is in consonance with the BankRs.s vision towards continuous up-gradation of skills to ensure that the staff members meet the rising expectations of customers and discharge services professionally covering the entire gamut of banking operations.
The Marketing Department of the Bank plays a critical role in generating new business for the Bank through customer acquisition. The department also takes initiatives in product development and promotion by creating awareness on products and by driving customer-centric campaigns.
The products and services under the domain of Marketing Department can be broadly classified as Technology, Third Party Products and Value added services.
Technology Products of the Bank
The Bank has effectively leveraged technology and introduced several variants of traditional products and new e-based services, tailor made to the diversified needs of customers. Technology services like ATM /Debit cards, internet banking, mobile banking etc. have transformed the customersRs. banking experience from branch banking to anytime, anywhere banking.
- Any Branch Banking System: All the branches of the Bank are inter-connected and are capable of providing online, real-time transactions to its customers. As information is centralized and updates are available simultaneously at all places, single-window service has become possible, leading to effective service-delivery to customers. Customers can Deposit/Withdraw freely without any tariff/charge from any branch.
- SIB ATM cum Debit Cards: The Bank is offering Visa, Master and RuPay debit cards to its customers. Using SIB debit cards, BankRs.s customers can withdraw cash through ATMs of any Bank in India and international usage is allowed through EMV chip cards. The Bank has also enabled its debit cards for POS/Online transactions.
Co-branded Foreign Currency Travel Card launched in association with Axis Bank is specifically designed for customers who travel abroad and is available in 8 foreign currencies - USD, GBP, AUD, EUR, CHF, CAD, SGD and JPY. The Bank launched international EMV Chip and PIN based cards in Visa platform for facilitating highly secure international card transactions. Domestic only RuPay cards are also available to customers for use at domestic ATMs and POS terminals. Bank will be launching its high end variant cards in RuPay and Master card platform in near future.
- Internet Banking: The internet banking service under the brand name "SIBerNet" has helped to position the Bank as a technology-driven Bank offering superior banking services to both retail and corporate customers. Fund Transfer (RTGS/NEFT), online bill payments, Online deposit opening, donations to temples etc. are a few of the services offered through SIBerNet. In addition to these, the Bank has also introduced Direct and Indirect Tax Payment facility for its retail and corporate customers.
- Mobile Banking: Mobile banking services help customers maintain a virtual connection with the Bank at all times. SMS, SIB M-Pay, SIB M-Passbook and SIB missed Call service are the mobile banking based services currently offered by the Bank. SIB Mobile Service (SMS) enables customers to receive instant intimation on their account activities via SMS alerts and also to enquire important information over SMS.
The enhanced mobile banking service of the Bank-"SIB M-Pay", offers 24x7 inter/intra Bank fund transfers, with immediate credit of the beneficiary account. The fund transfer facility is facilitated through the IMPS (Immediate Payment Service) platform of NPCI. In addition to the fund transfer service, SIB M-Pay customers are offered value- added services like mobile recharge, DTH recharge etc. also.
The Bank was a pioneer in introducing SIB M-Passbook application that allows customers to access account transaction details on their smart phones. The app is available in all platforms- iOS (iPhones), Android, Windows and Blackberry.
SIB Missed Call service was launched during November 2014, helping the customers to know the balance with just a missed call.
- Point of Sale (POS): The Bank, in association with M/s Atos Worldline India Pvt. Ltd. is offering two types of POS terminals - PSTN (wired terminal) & GPRS (wireless). Atos is the market leader in India in this segment and the primary service provider for POS acquiring services to a number of leading public sector and private sector Banks in the country.
Third Party Products
To cater to the needs of a diverse customer base, the Bank has made arrangements with several companies to distribute products like insurance, pension and mutual funds to customers.
Insurance (Life/General): The Bank acts as a corporate agent for the distribution of insurance products of both M/s Life Insurance Corporation of India and M/s Bajaj Allianz General Insurance Company for life insurance and general insurance respectively.
Mutual Funds: Mutual Fund is a popular form of investment since it provides the advantages of professional portfolio management and dividend reinvestment. The Bank has tie up with 13 leading Mutual Fund companies thereby offering a variety of mutual fund products to customers.
Bonds: The Bank has enrolled as a Channel Partner for the distribution of bonds issued by different companies, through BankRs.s tie-up with IFIN - a subsidiary of IFCI (Industrial Financial Corporation of India) Financial Services Limited. Through this tie up the Bank has been enrolled as a channel partner of IFCI for the distribution of capital gain bonds and tax free bonds.
Depository Services: The Bank offers Depository services for the benefit of its customers. Through this facility, customers can hold their securities in electronic form in demat account with M/s Central Depository Services (India) Ltd. (CDSL). For e-trading, the Bank offers SIBerTrade - the online trading facility to buy /sell stocks for its domestic customers from stock exchanges in India through tie-up with M/s Geojit BNP Paribas Financial Services Ltd. & M/s Religare Securities Ltd. SEBI has also registered the Bank as Self Certified Syndicate Bank (SCSB) for accepting application under Application Supported by Blocked Amount (ASBA) through all the branches of the Bank. ASBA enables the BankRs.s customers to apply for IPO/FPO, rights issues etc. by marking a lien on the account instead of actual debit at the time of applying, which is more beneficial for the customers. Bank is also offering Portfolio Investment Scheme (PIS) - an extensive share trading facility for its NRI customers through tie-up with M/s Geojit. Under PIS, NRI customers can directly invest in the Indian securities market through recognized stock exchanges under repatriable/non-repatriable basis.
New Pension System: The Bank acts as a Point of Presence to provide services to subscribers of New Pension System introduced by Pension Fund Regulatory and Development Authority (PFRDA). All branches of the Bank are designated for collecting NPS applications and contributions.
Pan Application Servicing: The Bank has made arrangement with M/s UTI Technology Services Ltd. (UTITSL) for servicing applications for PAN card. On an average the Bank processes 15,000 applications per year.
SIB E-Pay: In association with BSNL, the Bank is facilitating the payment of BSNL Landline bill of its customers through their accounts maintained with the branches. A customer can avail this facility by submitting a mandate form at the branch where the account is being maintained. Once registered, the BSNL landline bill of the customer will be automatically debited from the customerRs.s account every month. The key feature of this facility is that it is totally hassle free and is offered free of cost to the customers.
Cash Management Service (Premium Collection): The Bank is offering Cash Management Service (Premium Collection) to customers in association with Tata AIG, Exide Life Insurance Co. Ltd. (formerly known as ING Vysya) and ICICI Prudential Life Insurance Co. Ltd. Under this arrangement, BankRs.s customers as well as walk-in customers can remit life insurance premium through branch counters. This facility is offered free of cost to customers.
Centralized Direct Debit Service: The Bank has entered into tie-up with leading aggregator M/s Billdesk Services for Centralized Direct Debit arrangement. Through this tie-up BankRs.s customers will be able to make regular payments like monthly/ quarterly/half yearly payments of Mutual Fund SIP investments/ Loan EMIs (Vehicle/Equipment Loans)/Insurance premium etc. by directly debiting their account and thereby making the payments to various billers/institutions. This facility is available to all customers irrespective of their branches being located in ECS/non-ECS locations. The Bank has similar arrangements with 3 companies - TVS Credit Services, Sundaram Finance Ltd. and Shriram City Union Finance.
TOLL FREE: The Bank has subscribed to toll free numbers from Idea Cellular Ltd. (Toll Free number- 1800 843 1800) and BSNL (Toll Free Number-1800 425 1809) to enable customers to contact the Bank without incurring any cost. In addition, a land-line connection dedicated for international customers is also available. Functioning hours of Toll Free Centre is from 8:30 a.m. to 8:30 p.m. during week days and from 8:30 a.m. to 4:30 p.m. on Saturdays.
Marketing and promotional activities of the Bank are vital in identifying customer needs and designing differentiated products to cater to those needs. While the department is keen to introduce new and varied products, facilitating customer adoption and providing customer assistance assumes equal significance during its operation. The Bank strives to comply with regulatory requirements while taking every endeavour to avoid pitfalls in mis-selling BankRs.s products.
Visibility Enhancement Initiatives
The Bank has undertaken many brand promotion initiatives in various media like Newspaper, Television, Radio, outdoor and online media. Outdoor brandings were concentrated in major metros like Bangalore, Delhi, Chennai, Hyderabad, Coimbatore and Erode through bus shelters and hoardings. All major inaugural events and financial results were covered through print and electronic media. TV Commercials were released on Pan India basis in channels like CNBC, ET Now and in Manorama News, Asianet, Surya, Mazhavil Manorama, Indiavision, Reporter, Kairali, Amrita TV, Jai Hind TV, Jeevan TV in Kerala. Manorama Indian Open Badminton Championship was sponsored by the Bank. Along with the sponsorship of Manorama India Open Badminton Championship, stall space was provided for in the All Kerala Exhibition called Rs.ParpidomRs., which was conducted in all the districts of Kerala. We also ventured into government initiated programmes such as Rs.Clean Campus Safe CampusRs. & Rs.Bhoomigeetham 2014Rs.. Both these programs focused upon various welfare issues in Kerala. South Indian Bank was the title sponsor for National Premier Chess Championship which was organized by CMS College and Kottayam Chess Academy. Also, for the 34th Annual National Management Convention conducted by Kerala Management Association (KMA), South Indian Bank was the title sponsor. Asianet Satellite Communications Ltd. has introduced a fresh and unique branding activity called logo on navigation bar, for which we have associated with Asianet Satellite Communication for the initial launch.
The Bank has its own official fan pages in Facebook, Twitter, YouTube etc. The BankRs.s official Facebook page contains various information about the Bank. The page also gives an opportunity to the customers to provide their valuable suggestions/ feedbacks and also to seek clarifications regarding the products & services by making queries. Also, details of new branches and ATMs opened across the country are updated on a daily basis. BankRs.s official Facebook page also provides general banking information with regard to various products and services. The BankRs.s official Twitter page is integrated with Facebook and the contents shared in the Facebook page are posted as "tweets".
Human Resource is the single most important catalyst for effective and efficient operation of any organization. Competition has rendered this dimension still more critical. The Bank has a team of committed, self-motivated and empathetic workforce, who strive to meet the customersRs. requirements. To augment the existing manpower in line with the BankRs.s healthy & sustained growth and expansion of network, the Bank has continued its initiatives of major talent acquisition and retention policies in the FY 2014-15.
As on March 31, 2015, the Bank had 7,826 personnel on its rolls. Cadre wise break-up is as under:
Cadre Men Women Total
Officers 2594 1293 3887
Clerk 1531 1591 3122
Peon 483 30 513
Part-time employees 74 229 303
Total 4682 3143 7825
Infusion of young personnel has brought down the average age of employees of the Bank to 34 years as on March 31, 2015.
Number of Staff Members having professional Qualification as on March 31, 2015 is as under:
Educational Stream Number of Staff
Management 1290
Post Graduation 1095
Engineering 828
Legal 82
Maintenance of Personnel data
Maintenance of staff records was streamlined under "HRMSS" (Human Resources Management Software Solution) System. The personnel data can be accessed by all controlling offices and various reports based on the data can be generated for the quick disposal of staff related matters. To make HRMSS more comprehensive, we have introduced new modules such as Expense Maintenance, Pension Maintenance, Marketing
Excellence, in addition to the existing modules like Transfers, Promotion Maintenance, HRA, Leave and LFC, Training, Online Annual Performance Appraisal of Officers upto Scale IV, Service Record etc.
Motivational Initiatives
Some of the initiatives undertaken by the Bank in order to boost the morale of the Bank employees are as under:
a) Promotions: The Bank has been offering healthy career progressive opportunities. During the financial year, 440 clerical staffs had been promoted to Scale I, 193 officers to Scale II and 189 Officers to various senior cadres.
b) Staff Welfare Scheme (SWS) 2014 was implemented in the FY 2014-15, offering job opportunities to the children of voluntarily retired staff members in officers/clerical/ subordinate cadres. 1 Probationary Officer, 23 Probationary Clerks and 8 Probationary Peons were selected under this scheme based on suitability and through due diligence process.
c) The Bank had introduced SIB Ashwas Plus - an insurance scheme in tie-up with Rs.The New India Assurance Co. Ltd.Rs. for staff members who have retired from the service of the Bank either on superannuation or under VRS/SWS. Under SIB Ashwas Plus, 70% of the premium shall be borne by the Bank, reassuring the BankRs.s concern and support to its staff members even after their retirement.
Industrial Relations
Industrial relations in the Bank have been cordial and harmonious. The representatives of Workmen Union, Officers Association and Management have been working collectively with a sense of ownership for the shared objective of all- round growth and prosperity of the Bank. On account of the cordial industrial relations with both the associations, Bank has achieved considerable growth over the years.
During the financial year 2008-09, the Bank had instituted an Employee Stock Option Scheme to enable its employees to be a partner in the future growth and financial success of the Bank. The BanksRs. shareholders approved the plan on August 18, 2008 for the issuance of stock options to the employees. Compensation and Remuneration Committee of the Board on 27th March, 2015 has recommended to the Board to grand options at a discount of 10% on the closing price of shares quoted on NSE on 26th March, 2015.
Till March 2015, 3,12,55,600 stock options were vested, out of which 2,00,87,136 stock options were exercised by eligible employees. The money realized due to exercise of the said options was Rs.26,01,75,108.20/- and consequently 2,00,87,136 shares of Rs.1/- each has been allotted to the concerned employees/legal heirs.
The total options granted under seven phases of SIB ESOS 2008 consist 4.21% of the paid up share capital of the Bank as at March 31, 2015. The scheme has generated intended motivation amongst the staff.
Statutory disclosures regarding details of the stock options granted, vested, exercised and forfeited and expired during the year under review is annexed to this report.
SIB-Executive Brief
"SIB Executive Brief" - a daily news update on Banking, Finance, Economy, Industry, Market Rates etc. is being provided by SIB Staff Training College. It is E-mailed on a daily basis to Board members, to the executives and it is also made available at SIB- Insight for access to all the staff members.
E-Learning Tests
The Bank has completed 12 online tests through E-learning Application during the year 2014-15. There were various topics covered during these tests such as Banking procedures, BankRs.s Operations Manual-Advance version etc. Prizes were awarded for the toppers in these tests. It is encouraging to know that the learning process is taken up with great enthusiasm and competitive spirit, the fruit of which is visible in the increasing number of branches/offices emerging as toppers. The E-learning platform will be utilized increasingly for improving the knowledge level of the staff members.
The Bank has since migrated to issuance of e-circulars in place of manual circulars. All the circulars of the Bank are uploaded using the Rs.e-circular softwareRs.. In e-circular, BankRs.s policies, Guidelines and Forms are also uploaded so as to empower the branches with readily accessible pool of information/guidelines.
The Bank has undertaken various initiatives for energy conservation at its premises. Further, the Bank has used information technology extensively in its operation and consistently pursuing its goal of technological up-gradation in a cost efficient manner for delivering quality customer service.
The Company, being a banking company and an authorized dealer in Foreign Exchange, has taken all possible steps to encourage export credit.
Number of cases filed, if any, and their disposal under Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Bank has zero tolerance approach towards any action on the part of any executive/employees which may fall under the ambit of Rs.Sexual HarassmentRs. at workplace, and is fully committed to uphold and maintain the dignity of every women staff working in the Bank. The Policy provides for protection against sexual harassment of women at workplace and for prevention and redressal of such complaints. All the employees (permanent, contractual, temporary, trainees) are covered under this policy.
Number of complaints pending as on the beginning of the financial year - Nil
Number of complaints filed during the financial year - Nil Number of complaints pending as on the end of the financial year - Nil
Particulars of Employees
Information as required by the provisions of Section 134 of the Companies Act, 2013, read with the Companies (Particulars of Employees) Rules, 1975, as amended vide GSR 289 (E) dated March 31, 2011 [Companies (Particulars of Employees) Amendments Rules, 2011], is given under:
#Ceased to be the Managing Director & CEO of the Bank w.e.f. September 30, 2014.
## Appointed as Managing Director & CEO of the Bank w.e.f. 1st October, 2014. The above gross remuneration does not includes Rs.15,75,348/- paid to Mr. V. G. Mathew in the capacity of Executive Vice President during the period 01.04.2014 to 30.09.2014.
The ratio of the remuneration of each director to the median employeeRs.s remuneration and other details in terms of sub- section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are annexed to this report.
A brief outline of the BankRs.s CSR Policy, including overview of projects or programs undertaken / to be undertaken.
South Indian BankRs.s CSR Policy:
The South Indian Bank is grateful to the society for the support and encouragement in the bankRs.s growth and development. The Bank believes that no organization can make sustainable development without the patronage from the society. The Bank is committed in the integration of social and environmental concerns in its business operations and also in the interactions with its stakeholders. The Bank shall continue to have among its objectives, the promotion and growth of the national economy and shall continue to be mindful of its social and moral responsibilities to customers, shareholders, employees and society. Bank is committed to financing the economic and developmental activities of the nation with concern for human rights and environment.
Overview of Activities:
In line with the CSR policy and in accordance with Schedule VII of the Companies Act, 2013, South Indian Bank undertook various activities during the FY 2014-15 which had significant impact on the society. These activities include:
- Livelihood enhancement projects.
- Training to promote sports.
- Setting up old age homes, day care centres and such other facilities for Senior citizens.
- Contribution to technology incubators located within academic institutions which are approved by Central Govt.
- Ensuring environmental sustainability.
- Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly and the differently abled.
- Promoting Preventive healthcare and sanitation.
Web-Link to the CSR Policy:
Composition of CSR Committee:
The Bank understands its responsibility towards the society and environment in which it operates. The bank has constituted Corporate Social Responsibility Committee at the board level to monitor the CSR activities.
Members of the Committee are:
1. Mr. Francis Alapatt (Chairman of the Committee)
2. Mr. V G. Mathew (MD & CEO)
3. Mr. Mohan E. Alapatt (Member)
4. Ms. Ranjana S. Salgaocar (Member)
The composition is as per Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014.
Average net profit before tax of the Company for the last three financial years: Rs.599.17 crore
Prescribed CSR Expenditure (two per cent of the amount as above): Rs.11.98 crore.
Details of CSR spent during the Financial Year:
a. Total amount to be spent for the Financial Year 2014-15: Rs.11,98,00,000/-.
b. Amount unspent, if any: Rs.10,52,45,154.50.
c. Manner in which the amount spent during the financial year is detailed below:
BankRs.s CSR mission is to contribute to the social and economic development of the community. Through a series of interventions, the Bank seeks to mainstream economically, physically and socially challenged groups and to draw them into the cycle of growth, development and empowerment.
In the FY 2014-15, the Bank revamped its CSR activities to fall in line with the new rules and regulations in accordance with the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014. The Bank spent a sum of Rs.1,45,54,845.50 under CSR for the FY 2014-15. Through these CSR spent, the Bank were able to touch the lives of many. During the FY 2014-15; additional activities like Swachh Bharat, Clean Ganga and Financial Inclusion were also included in the ambit of CSR. In the FY 2015-16, the Bank is committed to increase its CSR spent so as to increase its continued focus towards sustainable development of social sector.
The CSR Committee confirms that the implementation and monitoring of CSR Policy is in compliance with CSR objectives and Policy of the Bank.
Financial Inclusion
Financial inclusion aims to ensure the availability of formal and basic banking services to all Indian households, including those in the un-banked and under-banked areas. South Indian Bank has adopted several financial inclusion initiatives, including Kiosk banking.
Kiosk Banking Model - Bank Mitra / Business Correspondent (BC)
The Kiosk banking complies with the open standards recommended by the Indian BanksRs. Association (IBA) and the Institute for Development and Research in Banking Technology (IDRBT) and is capable of incorporating the Unique Identity Solution being implemented by the Unique Identity Authority of India (UIDAI). Under Kiosk Banking Model, the Bank is able to provide basic banking services in un-banked/under- banked areas through outlets such as common service centres, Individual Business Correspondents [BC], small retail shops etc. with a laptop based solution.
Kiosk centres offers basic banking services such as customer enrollment, deposits, withdrawal, fund transfers, balance enquiry, FD, RD remittance etc. to potential customers. Customers can open new basic savings account in Kiosk centres by providing KYC documents and biometrics. The Bank has implemented Kiosk Banking Model in the state of Kerala through 53 Akshaya centers, who are acting as common service centres in the state and 64 Individual BCRs.s in Tamil Nadu. As on March 31, 2015, 28,822 customers have opened accounts under our Kiosk Banking Model.
Financial Literacy Centres
Financial Literacy is the ability to understand how money works in our day today life and how someone manages it, how he/she invests it and how a person offers it to others. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with their financial resources. 12 FLCs have been allotted to the Bank by SLBC in the state of Kerala to disseminate financial literacy to the people and it is functioned through retired bank employees, school teachers and retired government employees.
Pullu - Model Village of South Indian Bank
The Bank has been servicing Pullu Village in Chazhoor Panchayat of Thrissur Dist. in Kerala under BankRs.s Financial Inclusion initiative since 2010. In order to ensure meaningful Financial Inclusion and to facilitate BC based operations in the village, Bank has opened Ultra Small Branch at Pullu on November 1, 2013. The village was since adopted by the Bank and various welfare measures were initiated in Pullu. Propagation of Bio farming, conducting financial literacy sessions, providing agricultural credit, organizing medical camps are few of such initiatives the Bank has undertaken in the village.
Government of India Scheme - PMJDY
Pradhan Mantri Jan Dhan Yojana (PMJDY), is conceived as a national mission on financial inclusion initiated by Honorable Prime Minister on 15.08.2014. The scheme envisages universal access to banking facilities, with at least one basic banking account for every household. In line with the directives given by Ministry of Finance and SLBC, PMJDY scheme is implemented in our Bank since 18.08.2014.
A survey on 2,68,690 Households was conducted by the Bank under PMJDY to identify Households not having bank accounts. The Bank has opened 1, 02,217 BSBDA accounts as on 31.01.2015 under PMJDY and balance outstanding in those accounts exceeds Rs.10 crore at present. Rupay Debit Cards has been issued in PMJDY accounts providing customers with the benefit of accidental insurance coverage of Rs.1.00 lac.
Green Initiatives in Corporate Governance
As a responsible corporate citizen, the Bank supports and pursues the Rs.Green InitiativeRs. of the Ministry of Corporate Affairs ("MCA"). In conformance with such initiatives, the Bank will effect electronic delivery of documents including the notice and explanatory statement of Annual General Meeting, Audited Financial Statements, DirectorsRs. Report, AuditorsRs. Report etc., for the year ended March 31, 2015, to the e-mail address which the Shareholders have previously registered with their Depository Participant (DP) as their valid e-mail address. Investors desirous of refreshing / updating their e-mail addresses are requested to do so immediately in their respective DP accounts. The e-mail addresses indicated in respective DP accounts which will be periodically downloaded from NSDL/ CDSL will be deemed to be their registered e-mail address for serving notices / documents including those covered under Section 136 of the Companies Act, 2013.
Shareholders holding shares in physical form and desirous of availing electronic form of delivery of documents are requested to update their e-mail addresses with BankRs.s Registrar and Transfer Agents by a written request. A request format for registering e-mail ids with the Registrar is enclosed. Shareholders holding shares in demat segment are requested to inform their e-mail ids to their respective DPs.
SIB STUDENTSRs. ECONOMIC FORUM (SIBSEF)
StudentsRs. Economic Forum is a monthly publication from the SIB Staff Training College and it provides an analysis of contemporary themes relating to developments in Economy,
Banking and Finance. So far, 280 themes have been published since the first publication which was launched in December 1991. In response to the requests from readers, the first 201 themes of this publication were compiled in 4 volumes and published. The objective of this venture is to kindle interest in economic affairs among the younger generation and also to provide a learning platform to the student community. The hard copies of the publication numbering 3,500 are being sent to all the branches/ offices, reputed schools / colleges / academic institutions, RBI offices, other Banks, government organizations and corporate offices. It has wide acceptance among students, bankers and academic community. The Subjects discussed during the Financial Year 2014-15 include Corporate Social Responsibility (CSR), Shadow Banking System (SBS), Forex facilities for residents, Take over code, Economic survey: Highlights, Union Budget 2014-15 Part I, Union Budget 2014-15 Part II, Microfinance sector, Charter of Customer Rights; Capacity building in banks, Over-the-counter (OTC) derivatives market reforms, Whistle BlowersRs. Protection bill etc. These themes are made available in the BankRs.s Website.
Transactions processed through the Core Banking Solution are monitored for detecting suspicious transactions, using TCS Bancs Compliance, an AML application to comply with the provisions under Prevention of Money Laundering Act (PMLA).
The Offsite Monitoring Teams set up for post facto verification of KYC compliance while establishing new customer relationships by the branches has stabilized fully now.
The Bank has initiated steps for starting a Centralized Processing Centre (CPC) for liability side customer creation with the objective of full KYC compliance and to use KYC as a fraud prevention tool. The Bank aims to bring all branches under the CPC model during the Financial Year 2015-16.
The Board has nominated Mr. V. G. Mathew, MD & CEO as the "designated director", as per PMLA Act.
The Bank has attached great importance for compliance of KYC/AML/CFT norms by the customers as per the Reserve Bank of India directive.
The Bank has institutionalized a strong compliance culture and mechanism across the organization, pursuant to its strategic goals of transparency and trust, among all its stakeholders. The Bank has a dedicated Independent Compliance Department headed by a Dy. General Manager for ensuring regulatory compliance, across all its businesses and operations. The key functions of this department includes, dissemination of key regulatory updates affecting the various business verticals of the Bank, review of processes from a regulatory compliance perspective, provide guidance on compliance-related matters, impart training to employees on compliance aspects, among others.
During the year, pursuant to the applicable provision of the Companies Act, 2013, Banking Regulation Act, 1949, the provisions of the Articles of Association of the Bank and approval of Reserve Bank of India vide its letter DBOD.Appt. No. 3926/08.51.001/2014-15 dtd. 11.09.2014 Mr. V G. Mathew (DIN-05332797) has been appointed as Managing Director and Chief Executive Officer and he shall also be a Whole-time Key Managerial Person of the Bank for a period of three years from 1st October, 2014 till 30th September, 2017.
Mr. Mathew L. Chakola (DIN-00633502) and Mr. Paul Chalissery (DIN-00836980) have been appointed as an Independent Director of the Bank for the purpose of Section 149(2) of the Companies Act, 2013 with effect from April 1, 2014 for a period of 6 months and they demitted the office of directorship w.e.f. September 30, 2014, upon completion of 8 year term as stipulated under the Banking Regulation Act,1949. The Board places on record its appreciation for the invaluable services rendered by them during their tenure as Directors.
Pursuant to Sections 149, 152 of the Companies Act, 2013 and Section 10A (2A) of the Banking Regulation Act, 1949 and with the approval of the shareholders Dr. John Joseph Alapatt (DIN-00021735) was appointed for a period of five years, Sri Mohan E. Alapatt (DiN-00025594) was reappointed for the period upto February 28, 2018 and Sri K. Thomas Jacob (DIN-00812892) was reappointed for the period upto August 30, 2018, as Independent Directors not liable to retire by rotation w.e.f. April 1, 2014.
Mr. Francis Alapatt (DIN 01419486) and Mr. Salim Gangadharan (DIN-06796232) have been appointed as an Independent Director of the Bank for the purpose of Section 149(2) of the Companies Act, 2013 with effect from April 1, 2014 for a period of five years, and further that they shall not be liable to retire by rotation. Mr. Cheryan Varkey (DIN-06884551) was appointed as Director of the Bank in the 86th Annual General Meeting and his period of office is liable for determination by retirement of directors by rotation.
Smt. Ranjana S. Salgaocar (DIN-00120120) and Mr. Parayil George John Tharakan, (DIN-07018289) have been appointed as additional Directors of the Bank w.e.f. 1st October, 2014 and November 25, 2014 respectively pursuant to Clause 49 of Listing Agreement and Section 149(1) & 161 of the Companies Act, 2013.
The Board represents various domain skill and also addresses the issue of diversity.
a) Statutory Auditors:
The shareholders at its 86th Annual General Meeting held on 16th day of July, 2014, appointed M/s S. R. Batliboi & Associates LLP (formerly known as M/s S. R. Batliboi & Associates), Chartered Accountants, Chennai, as the Central Auditors for the audit of BankRs.s accounts for the year 2014-15. M/s S. R. Batliboi & Associates LLP, Chartered
Accountants, Chennai, will vacate the office at the end of the ensuing Annual General Meeting. Having completed a term of four years of continuous audit, the said firm is not eligible for re-appointment. Therefore, the shareholders will have to appoint a new firm as Statutory Central Auditors for the audit of the BankRs.s accounts for the financial year 2015-16. Based on the application submitted by the Bank the Reserve Bank of India conveyed their approval vide letter No. DBS.ARS. No. 14271/08.21.005/2014-15 dated May 14, 2015 for appointment of M/s Deloitte Haskins & Sells, Chartered Accountants, Chennai as Statutory Central Auditors of the Bank. A resolution will be placed before you at the ensuing Annual General Meeting, seeking approval for appointing M/s Deloitte Haskins & Sells as the Statutory Auditors of the Bank. The Board recommends the appointment of the said firm as the Auditors of the Bank for the financial year 2015-16.
b) Secretarial Auditors and Secretarial Audit Report
Pursuant to Section 204 of the Companies Act, 2013, the Bank had appointed M/s KSR & Co., Company Secretaries LLP, Practicing Company Secretaries, Coimbatore as its Secretarial Auditors to conduct the secretarial audit of the Bank for the FY 2014-15. The Bank provided all assistance and facilities to the Secretarial Auditor for conducting their audit. The Report of Secretarial Auditor for the FY 2014-15 is annexed to this report.
Audit and Inspection
Regular Inspection of the BankRs.s branches is conducted at periodical intervals on the basis of Risk Based Internal Audit approach. Concurrent audit at branches by qualified Chartered Accountants/retired officers covering 67% of business of the Bank. Concurrent audit of International Banking Division and Treasury Department are also conducted. In addition to the above, the Bank conducts Stock Audit, Credit/Legal Audit, KYC/ AML Audit, Information System Audit, Revenue Audit to check income leakages, Surprise Inspection of gold & cash, Forensic Audit by external agencies in cases where it is found necessary, exclusive Gold Loan asset verification etc. at branches. This year, Bank has brought almost all isolated remote branches under the ambit of concurrent audit, irrespective of the business volume of such branches. Also, the frequency of Gold Loan Inspection has been increased. Information System Audit of CBS and major applications for the current financial year 2014-15 was done by an external approved auditing firm. Besides, all the branches are subjected to statutory audit on yearly basis. RBI conducts Risk Based Supervision of the Bank. An Offsite Monitoring Team is functioning in all Regional Offices mainly to oversee compliance of KYC/AML guidelines in the newly opened operative accounts by branches. Bank is sending alerts (of large value) generated from a software to branches & ROs to facilitate verification of the branch operations, in which some deviations from the laid down procedures / rules are detected by the system. ROs are provided with a terminal of this software for scrutiny of all alerts wherever needed. Above all, all alerts, generated by this system, are analyzed by a central team for the correctness of the branch operations connected to such alerts. The branch operations are analyzed for KYC/ AML/CFT guidelines compliance also centrally with the help of another software and the alerts generated from this are followed up. Statutory reporting of the violations is also done centrally.
EXPLANATION FOR AUDITORSRs. COMMENTS IN THE REPORT
The Auditors report for the year 2014-15 does not contain any qualification.
A separate report profiling Corporate Governance as required under Clause 49 of the Listing Agreement with Stock Exchanges, and a certificate from M/s S. R. Batliboi & Associates LLP, Chartered Accountants, Statutory Auditors of the Bank, are annexed to this Report.
Extracts of Annual Return
Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act, 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2014 the extracts of the Annual Return as at March 31, 2015 is annexed to this report.
Subsidiary Companies
The Bank did not have any subsidiary Company during the previous financial year. The Board of Directors has formulated a policy for determining Rs.materialRs. subsidiaries pursuant to the provisions of the Listing Agreement. The same is displayed on the website of the Bank (https://www.southindianbank.com/ content/viewContentLvl1.aspx?linkIdLvl2=215&LinkIdLvl3=781 &linkId=781).
Related Party Transactions
The Board of Directors has formulated a policy on materiality of Related Party Transactions and also on dealing with Related Party Transactions pursuant to the provisions of the Companies Act, 2013 and Listing Agreement. The same is displayed on the website of the Bank (https://www.southindianbank.com/ content/viewContentLvl1.aspx?linkIdLvl2=215&LinkIdLvl3=782 &linkId=782).
Strictures and Penalties
During the last three years, there were no penalties or strictures imposed on the Bank by the Stock Exchange(s) and/or SEBI and/ or any other statutory authorities on matters relating to capital market.
This has been dealt with in a separate section in the Annual Report.
DirectorsRs. Responsibility Statement
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to the DirectorRs.s
Responsibility Statement, it is hereby confirmed that:
(a) in the preparation of the annual accounts for the financial year ended March 31, 2015, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year 2014-15 and of the profit of the Bank for that period;
(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts for the financial year ended on March 31, 2015, on a going concern basis;
(e) the directors had laid down internal financial controls to be followed by the Bank and that such internal financial controls are adequate and were operating effectively; and
(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
The Board of Directors places on record its gratitude to the Reserve Bank of India, Securities and Exchange Board of India, Government of India, Government of Kerala and all other state Governments where the Bank operates, other Government and Regulatory Authorities, including stock exchanges, where the BankRs.s shares are listed and correspondent Banks for their strong support and guidance, during the year. The Board also places on record its gratitude to the BankRs.s shareholders and customers for their continued support, patronage and goodwill. The Board further places on record its appreciation for the valuable services rendered by M/s S. R. Batliboi & Associates LLP, Statutory Auditors, during their tenure. The single most important pillar of any Institution is its personnel, more so in the case of a service entity like a Bank. The Bank gladly acknowledges this fact and thanks all of them for their diligence and loyalty towards the Bank. The Board expresses its sincere appreciation for the dedicated services rendered by officers and employees of the Bank at all levels.
By Order of the Board
Place: Nedumbassery, Kochi Date : June 2, 2015
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The new home of
6 reviews
This wing of a charming Georgian manor lies just outside the town of Barnstaple. With large windows, typical of its age, the holiday cottage has lovely features such as a wood-panelled living room and original staircase. Within walking distance is a popular route to the top of Codden Hill, from the summit of which, on a clear day, Bodmin Moor, Exmoor, Dartmoor and the sea can be seen. Enjoy North Devon's stunning beaches at Saunton, Croyde and nearby Instow. Further afield is Dartmoor and Exmoor National Park. Visit Hartland with its lighthouse and the fishing village of Clovelly. For children, try Exmoor Zoo, The Big Sheep and Milky Way amusement parks. Trips to Lundy Island can be taken from Bideford and Ilfracombe. Shop 500 yards, pubs 100 yards.
Cosy living room with gas 'coal-effect' fire and wood panelling. Compact kitchen with dining area. First floor: Two double bedrooms, one with 6ft bed. Bathroom with over-bath shower and toilet.
20 reviews
With VisitBritain's '4 star gold award', this charming 300-year-old, Grade II listed, thatched cottage nestles within the half-thatched rural village of Chittlehampton with its village square and welcoming inn. One of a pair, Thatch Cottage is built from stone and cob and restored and equipped to a very high standard. The beautiful surrounding Devon countryside offers thatched cottages, lovely views, quiet villages and so much more within easy reach. Exmoor is nearby with waterfalls, walking, cycling, ponies and zoo. The excellent Tarka Trail for more car-free cycling and walking is 30 miles of former railway, with cycle hire, running around the Taw estuary only 20 minutes away. Also within easy reach are the many superb beaches of the Golden Coast of North Devon, Croyde, Saunton and Woolacombe, for sandcastles and surfing, several excellent golf courses including the championship links course at Saunton, fishing on the Taw, renowned gardens, NT properties and sleepy, unspoilt villages with inns. The historic market town of South Molton, the "gateway to Exmoor", is nearby, with its regular markets, tea shops, restaurants, antique shops and swimming pool. Barnstaple is within easy reach, with its cinema, theatre, pannier market and variety of shops. Highbullen Hotel (3 miles) offers a 20 metre indoor pool and good gym for a low daily fee. Thatch Cottage is in a truly wonderful holiday location for all interests. Shop 300 yards, village inn serving food 200 yards.
Living room with electric woodburner and oak floor. Modern well-equipped kitchen/dining room with beamed fireplace. Cloakroom with toilet. First floor: Double bedroom with 5ft bed. Two single bedrooms. Bathroom with over-bath shower and toilet.
Looking for something with a little more?
cottages.com is a trading name of Wyndham Vacation Rentals (UK) Ltd. Registered in England and Wales.
Registered Office: Spring Mill, Stoney Bank Road, Earby, Lancashire,BB94 0AA, UK
Company Registration Number 00965389. VAT Registration Number: GB 598 22 99 77
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cottages.com is the new home of cottages4you (Cottages for You).
cottages.com is a trading name of Wyndham Vacation Rentals (UK) Ltd. Registered in England and Wales.
Registered Office: Spring Mill, Stoney Bank Road, Earby, Lancashire,BB94 0AA, UK
Company Registration Number 00965389. VAT Registration Number: GB 598 22 99 77


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Loma Chuchini - Another Ancient Moxos Mound
On my second trip in 2004, the boat from the Reina de Enin was late to pick us up, so the driver took us another 5 km down the dirt road to Loma Chuchini. It is another ancient Moxos mound that is now owned by the Hinojosa family and is a private ecological preserve and zoo. However, the most interesting thing is their one room museum of artifacts found on the mound. I'll show a couple of pictures here but you should not miss the separate travelogue. There is also a travelogue on the small Chuchini zoo.
- Zoo
- Archeology
- Road Trip
Loma Suarez - Moxos Mound
To get to the Reina de Enin, you travel about 10 km on a dirt road from the Trinidad airport to Loma Suarez. It is now a Bolivian Naval School on the bank of the Ibare River. Before it was the local headquarters of the Suarez rubber empire. Long before that, it was one of the mysterious mounds of the Moxos civilization. On my first trip, I did not realize that it was a Moxos mound but I happened to take a picture of the highest point (after getting permission from the Naval School Commander). He even had a couple of officers pose for me on Rodolfo Arauz monument there. I believe that the Rodolfo Arauz was the first riverboat in the Bolivian Navy.
- Historical Travel
- Road Trip
- Cruise
The fighting rusters... Les coqs de combat
I had never seen one fighting ruster before, and it looks very different from the regular chicken...
J'avais jamais vu de coq de combat avant, mais ca ressemble vraiment pas au poulet de basse-cour...
- Backpacking
- 1
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The pictures that are available on web site are NOT pictures of this hotel but of a home residence that has the same name and is near by. Also the swimming pool is NOT part of this hotel, so if you want a swim, forget it! Rooms are clean, but the service is terrible, very unhelpful receptionist who will not give any information or help with problems! Also, forget about breakfast, we stayed 10 days and got ONE croissant each every day plus some prepacked toast with butter and jam. That was it. Sometimes water.
- Official Description (provided by the hotel):
- The Hotel Antico Parco del Principe is situated on the Amalfi Coast, near the National Road 163, 4 km (2.5 miles) from Sorrento and 7 km (4.3 miles) from Positano. The 15 rooms have air-conditioning, Tv colour and refrigerator. They are different in colours, but all of them are refined. Guests of the hotel have free admittance in the swimming-pool, tennis and beach-volley courts, table tennis of the tourist complex nearby. ... more less


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The Last Panthers
Clark's score for 'The Last Panthers' will be released 18 March 2016 on Warp Records.
Available as an LP, Download and special Limited Edition CD in case bound sleeve, individually numbered with silver foil stamp to back cover.
Bleep – iTunes – Google Play
Spotify – Google Play
Back To Belgrade
Hiero-Bosch For Khalil
Diamonds Aren't Forever
Panthers Bass Plock
Chloroform Sauna
Serbian Daffodil
Naomi Pleen
Open Foe
Strangled To Death In A Public Toilet
Brother Killer
Omni Vignette
Actual Jewels
Dead Eyes For Zvlatko / Heaven Theme
Diamonds Aren't Forever II
Upward Evaporation
Hide On The Treads 1
Hide On The Treads 2
Hide On The Treads 3


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Everyone's Against Slavery- And Here's How to Show It!
Many of us were shocked to discover that farm workers in Florida were being trafficked … right in our own back yard.
SCOTUS' Silence & the Way of Jesus
On Monday, the Supreme Court of the United States (SCOTUS) surprised the nation when it refused to further wade into the contentious waters of the debate over same-sex marriage.
A Nonviolent Uprising
This nonviolent uprising has been incredible to watch. A slow, steady, disciplined movement in Ferguson has caught the world's attention.
38 Minutes to See What's Behind Ferguson, MO
It's helped me begin to see what's happening in Ferguson, MO. Not what's on the news, but what's weighing on their souls when they hear the news that one more black man has been gunned down by law enforcement.
What Christian Aid Worker Can't Even Stop Child Labour being used at his Own House?
JULY 20, 2014 | BY: MATT DARVAS — It all seemed so easy when I was a young student activist crying out, "End child labour now!" It…
The Rapes and Hangings in India: the Tragedy of Us and Them
JUNE 29, 2014 | BY: JOHN WATSON — Rape is endemic in India, with a reported rape every 22 minutes. Add to that the unreported rapes…
Iraq: Here's how you can help
JUNE 20, 2014 | BY: RLC EDITOR — With Iraq in chaos, you may be wondering what the heck you can do. Here's a really concrete answer. Support our friends at…


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Get Cheap(er) Gas in L.H.!
If you are drifting from the freeways and happen to be in the area, you'll be in luck! La Habra tends to have less expensive gas than in other cities, about $ 0.05- 0.30 cents less than the L.A. average ! So, if La Habra can be known for something locally, it can be deemed the "cheap gas" city of Orange county! I know, it's a silly thing really but given the car culture of the greater Los Angeles area, it is worth noting ! We take our cars and gas very seriously here! This Hummer definitely needs to get gas in La Habra!
Note: The cheapest gas station is usually Arco, one can be found near the intersection of Harbor Blvd. and Lambert Rd. (near the Home Depot). Arco does not have the best fuel for some cars to run on but it usually does just fine for basic automobiles.
- Road Trip
- Budget Travel
- Business Travel
Unique and Cheap at the La Habra Ranch Market
Here is a morning ritual of sorts in La Habra. Locals flock to the neighborhood ranch market featuring the best deal on the basic produce items and more. Lettuce is usually 50 cents a head , apples 50 cents a pound and mushrooms just over one dollar !
There are many imported little treats like cheeses from Bulgarian, kalamata olives from Greece, pico de gallo for Mexican dishes, baklava, Middle eastern style pita breads, naan from India, plantanos and Turkish candies (with nuts).
Perhaps the greatest deals to be had here are just outside the market building. There is a garden with colorful fountains, plants, pots and a beautiful, large variety of flowers usually in bunches. Here's a good tip in time for Valentine's Day: get a dozen of roses here for a loved one. And if not roses, orchids are even better. Availability varies but the prices are just about the same - inexpensive!
More to come in travelogues!
- Food and Dining
- 1
Instant Answers: La Habra
Get an instant answer from local experts and frequent travelers
- Great room rates
- Harbor Inn and Suites La Habra
- Hotwire.com
- Harbor Inn and Suites La Habra
- Booking.com ABC Low rates
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The School of Health Sciences is committed to developing professionals through comprehensive career-oriented programs at the bachelor's, master's and clinical doctorate levels.
Undergraduate programs:
- Athletic Training
- Biomedical Sciences
- Diagnostic Medical Sonography
- Health Science Studies
- Microbiology and Immunology
- Radiologic Sciences
BS degree completion program:
- Health Science Studies (online)
Dual-degree programs:
- Five-Year Master of Health Science concentration in Biomedical Sciences
- Entry-Level Doctor of Physical Therapy (6- or 7-year degree)
- BS in Athletic Training and Doctor of Physical Therapy (7-year degree)
- Entry-Level Master of Occupational Therapy (5 1/2-year degree)
- Entry-Level Master's Physician Assistant (6-year degree)
Graduate programs:
Master of Health Science (MHS):
- Cardiovascular Perfusion
- Medical Laboratory Sciences (with concentrations in biomedical sciences and microbiology)
- Pathologists' Assistant
- Physician Assistant
- Radiologist Assistant
Master of Social Work (MSW):
Clinical doctorate programs:
- Doctor of Physical Therapy (DPT)
- Occupational Therapy Doctorate (online)
Continuing education certificate programs:
Fitness, Leisure and Wellness program:
The School of Health Sciences offers courses that promote and encourage personal growth in the areas of fitness, leisure and wellness. Courses are dedicated and focused on the development of the entire person with the goal of encouraging the essential habits of lifetime fitness, leisure and wellness. Learn more


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This review is from: Creative GigaWorks T20 Series II 28W RMS 2.0 Multimedia Speakers
Pros: Hello "Collin C" who posted his review below mine:
If speakers distort at <50% volume, ==> you're overloading their amplified input. GET IT?
I admit it's an engineer in me who is irritated by the common folks who buy a piece of technology, abuse it and complain "it didn't last", but fact is - can you even read the specs? What does 28Watt RMS power into 2 channels tell you my friend?, it tells me 14 Watt per channel of root-mean-square sinusoidal power in electrical (not audio) terms. Does that sound like a huge audio pressure able to shake your walls?
Anyway, I apologize for sarcasm, but:
You have blown your speakers by overloading their input with an ALREADY AMPLIFIED signal from your source - your mistake, not manufacturer's.
It is equivalent to buying an Intel processor, overclocking/overheatign it repeatedly , during hot humid sessions, maybe knckng on it with a hammer to make sure it runs faster, and then accusing Intel "it didn't last, like server XEON [which $costs multiple times more] does"
P.S. Fact that I don't work for Creative Labs nor trying to promote their product for personal gain, is verifyable by the fact that I had posted numerous reviews (not only Newegg, but the other big eTailers) linked to a variety of products/manufactuer's, I obviously cannot work for 50 so,me companies at once; OK, I just post this review which seems like a kiss for Creative, NOT on their behalf, but on behalf of all engineers who struggle with certain type of a customer. No matter how well one designs a product, there's always a customer - specifically in America, who will find ways to abuse and destroy it.
Someone is sending an ALREADY amplified signal into another amplifier and claims "distortion", wow,
OF COURSE DISTORTION! - you fried speakers, with own action.
Cons: Uneducatd folks annoy me.
Also using this opportunity - not just speakers, but in GENERAL - people, when you review & mark it "negative', do NOT review shipping!
This is not a place to review UPS, FedEx, USPS or whatever else, if shipping was slow go complain elsehwere, here I only care for a PRODUCT review.
Other Thoughts: Some of my thoughts are dangerous.READ FULL REVIEW
This review is from: Creative GigaWorks T20 Series II 28W RMS 2.0 Multimedia Speakers
Pros: My 2nd pair (1st original from 3 years ago, left at former job/coworker). For the price, they're a bargain given good performance vs. physical volume.
Physics dictates a minimum volume of cavity to emit audiowaves of certain frequencies, and CreativeT20's are excellent, all if not "too much" is included (cables, Yadapter). Perfect appearance, though to people of my kind appearance is nowhere as important as performance. Detachable grilles are a nice touch for this cheap price, no obnoxious superbright blue LED's seen on products of the past era, good materials for drivers (woven glass, etc.) though see "Cons" section below.
Only few other choices exist for a portable, good audio performance (& good looking!) Ampified Speakers for your work desktop, computer desk, secondary system besides your main "home/monster sized" audio.
Cons: No Cons for an average person, not exposed to high-end stuff; and don't dare to complain for their price - a mircale manufactured with this reasonable audio/sound.
But since I am SPOILED, & my music taste, education/tech background isn't average, an elitist could blast these as junk :) if they forget the price.
First a minor thing - glossy/"piano" surfaces attract basic consumers, yet for us in a professional world they attract dust/fingertips (static cling), rather than attention; also I'd like DCpower cord to be softer, not that rigid cheapo, don't want LED on PSU (powersupply) and I will remove Blue ring LED on speaker but NEVER follow my thoughts as I've been doing electronics since late 1980's (EE) so most people will end up destroying their speakers.
These are miniscule things, normal people ignore.
Now a more serious thing is me having listened to $1000+ speakers which are also VERY compact. I got Prodipe Pro8 ver2 as one example, not sold in USA (why wouldn't Newegg stock them?), only in Europe (Germany/France, had to pay shipping, EUR conversion!), small studio Monitors, and others. They define BANDWIDTH professional, in a specific cutoff rate in dB, these CreativeT20's for 70 bucks I paid obviously won't go there. WHo decided their bandwidth is 50Hz-20KHz I don't know, but I know Heavy Music (Black/DeathDoom Metal, Symphonic Metal, Power/Speed, Classical, underground Rap) as well as fine Trance-Ambient, or Medieval European Pre-Music (earlier than 17th century) is something I surely can feel severe difference between these & more professional speakers.
This might be a waste of a "CON"'s section because - bottom line, these are NOT cons for a cheap speaker.
I say nothing sounds better than these T20's for a little desktop or computer use for under 100 bucks, +good looks. Just annoyed by dust attraction so will wipe glossy panel with antistatic (don't wipe drivers/grille, etc., will damage!!)
Other Thoughts: As I said I am spoiled by real good adio & my music taste is very Heavy + Esoteric. From Dimmu Borgir to Medieval chants, it's not easy to reproduce on cheap speakers.
Not to be unexpected from a EE Engineer.
NO spell check - sorry for typos, busy, typing in darkness
This review is from: NVIDIA Gift - DUKE NUKEM FOREVER Game Coupon
Pros: FREE.
The Videocard
Cons: 1) Waste of paper, consumer paper comes from trees (prof. paper is from Cotton).
2) Waste of valuable time, life is short.
Lets not include useless paperwork with otherwise excellent VideoCards, b/c I had spent time installing it 1st time in year 2011, this year 2013 it came again with eVGA videocard.
Videocard is excellent, 5eggs, but coupon is not necessary.
Other Thoughts: It maybe included to DEMO certain features/specs of Videocard it came with, even though game itself is bad, it merely demonstrates functionality of hardware.
But maybe choose some better game or DEMO software to achieve same goal? Perhaps it wouldn't be free, then.


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Graduate students and postdocs should understand the importance of being able to communicate about their competencies to prospective employers during their job search, writes Joseph Barber.
Higher Education Career Advice
Career Advice
Saundra Loffredo offers a four-step process to help you answer those challenging interview questions that require you to draw on previous experiences.
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You may secretly -- or not so secretly -- steer clear of collaborative projects, but Stephanie Buckhanon Crowder highlights four key benefits.
August 25, 2016
Once Roberto Abadie came to the realization that he wouldn't get tenure, he began to see the upside.
August 24, 2016
Hillary Clinton's comment at the Democratic convention suggests we might be entering an era in which women can see ourselves represented in many diverse champions, writes Judith S. White.
August 23, 2016
Besides understanding whether a postdoc is required for your intended career field, you need to think about the financial implications as well as how you'd like to spend the next few years of your life, advises Melanie V. Sinche.
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Berry Pie Recipe
- 1-1/2 cups sugar
- 4 tablespoons plus 1-1/2 teaspoons cornstarch
- 3/4 cup cold water
- 3 tablespoons lemon juice
- 3 cups fresh blueberries
- 1 cup fresh raspberries
- 1 cup fresh blackberries
- Pastry for double-crust pie (9 inches)
- 1. In a saucepan, combine sugar and cornstarch. Stir in water and lemon juice until smooth. Add berries; stir gently. Bring to a boil over medium heat; cook and stir for 2 minutes or until thickened and bubbly. Remove from the heat; cool.
- 2. Line a 9-in. pie plate with bottom crust. Add filling. Roll out remaining pastry; make a lattice crust. Seal and flute edges. Cover edges loosely with foil. Bake at 400° for 10 minutes Reduce heat to 350°. Remove foil; bake 40-50 minutes longer or until crust is golden brown and filling is bubbly. Cool completely. Yield: 6-8 servings.
Nutritional Facts
1 slice: 452 calories, 14g fat (6g saturated fat), 10mg cholesterol, 201mg sodium, 80g carbohydrate (46g sugars, 3g fiber), 3g protein.
Reviews for Berry Pie
"This is a great recipe but do not cook in pie dish it will boil over and make a huge mess. Cook in caserole dish."
"Oops, forgot to give it the 5 stars it deserves!"
"Wonderful recipe! Made 14 small rustic tarts Thursday; and, a large pie today. Always have home-made pie crust in the freezer; so, it is a snap to make. This recipe is a real winner. My family loved it!"
"I've made this pie several times, and gotten raves for it at potlucks. It's great warm with vanilla ice cream. The filling by itself would make a yummy ice cream topping."
Wine Pairings
Sweet White Wine
Enjoy this recipe with a sweet white wine such as Moscato or a sweet Riesling.