Dear Shareholders and Stakeholders,
1. The year 2023-24 started with domestic economic activity remaining resilient on the
back of strong domestic demand and improved macroeconomic fundamentals. Global economy has
been resilient despite ongoing geopolitical tension, supply chain disruptions, red sea
crisis, failing recovery in China and weak growth in productivity. As a result, monetary
policy tightening had been the stance of central banks which continued with focus on
aligning inflation with growth.
2. Amidst global uncertainties, Indian economy has been an exception in terms of growth
with GDP estimated at 7.6% underscored by strong economic activity. However, with
inflation continuing to be at elevated levels, Reserve Bank's monetary policy stance
continues to be towards keeping the core inflation muted and withdrawal of accommodation.
3. Liquidity tightening in the system as a consequence of RBI stance, change in market
dynamics put pressure on deposit rates of the banks including Your Bank. On the asset
side, in view of credit appetite returning to normalcy post Covid, retail and corporate
assets have witnessed robust growth for banks.
4. 2023-24 also brought enhanced regulatory oversight from RBI in Risk, Assurance,
Compliance and IT. Regulator even exercised powers and restricted businesses of certain
entities for persistent non compliance. There is acknowledgement that RBI played crucial
role in maintaining stability and underscoring focus on Risk management.
5. Govt. of India, in continuation of the EASE reforms in public sector banks, rolled
out EASE 6.0 where under thematic approach to excellence in service through digitally
enabled customer service, Digital and analytics-driven business improvement, Tech &
data enabled capability building and developing people & enhancing HR operations etc.,
are conceived and driven by bank. Further 3 year business roadmap has also been formulated
and executed in Your Bank.
6. There has been paradigm shift in Financial services business due to disruptive
technology. The banking sector is at an inflection point in its journey driven by emergent
technologies like Artificial Intelligence, Machine learning and data analytics and change
in customer's preferences on large scale. Your bank has taken steps to ride the wave and
we will proudly be part of change.
7. Bank's goals today encompasses ESG(Environment, Social and Governance) environment
risk driving innovations, complying with regulations, meeting investor and stakeholder
demands, achieving competitive advantage and ensuring long term financial sustainability.
In that regard Your Bank is engaging with stakeholders and discussion around the same is
initiated.
8. During FY 2023-24, Your Bank has strengthened its bottom line and is adequately
capitalized. There has been improvement in asset quality, CRAR and above all, the Bank has
posted a net profit of Rs.1,439 crore in Q4 FY 202324 and Rs.6,318 crore for FY 2023-24.
Further, with various digital initiatives being undertaken by the Bank, the growth
momentum will be accelerated through enhanced customer experience during FY 2024-25.
Thank you
M.K.Kumar
Chairman