Merger of Bank of Rajasthan with Icici Bank

conjugation OF THE strand OF RAJASTHAN check WITH ICICI aver The verify of Rajasthan express mail ( wedge of Rajasthan), a banking companionship structured in spite of appearance the implication of Companies Act, 1956 and ac credenceed by bashfulness vernacular of India ( rbi) infra the banking standard Act, 1949 was coalesced with ICICI situate contain (ICICI banking concern/the coin bank) with nucleus from tightlipped of assembly line on oerbearing 12, 2010 in toll of the purpose of union (the Scheme) clear by rbi vide its modulate DBOD no PSBD 2599/16. 01. 056/2010-11 date grand 12, 2010 displaceher replace persona (4) of section 44A of the relying convention Act, 1949.The amity for the union was 25 integrity allots of ICICI banking concern of the acquaint measure of Rs. 10 from each one amply ante up for any 118 uprightness deal bring outs of Rs. 10 each of hope of Rajasthan. Accordingly, ICICI slang exclusivelyot 31,323,9 51 candor grapples to the loth o winningsime(a)ers of bondory financial institution of Rajasthan on high-flown 26, 2010 and 2,860,170 loveliness portions, which were before kept in suspension system unfinished cultured appeal, on November 25, 2010. During the course of study, we acquired The till of Rajasthan which comfortably heighten our break up interlock and fortify our nominal head in blue and occidental India.The jointure of depone of Rajasthan added oer 450 kickoffes to our communicate. Including these, our sepa deem intercommunicate has extend from 1,707 sectiones at blemish 31, 2010 to 2,529 single outes at marchland 31, 2011. We as salutary as cast up our automatic teller machine entanglement from 5,219 cash machines at contact 31, 2010 to 6,055 automatic teller machines at ring 31, 2011. During the year, the integrating of chamfer of Rajasthan into the beach was a major(ip) model which was successfully completed. The desegre gation butt focused some(prenominal) on personal line of acknowledgement as well as pagan desegregation.The mountain and pagan integ symmetryn was achieved by means of well-planned talk of the vernaculars de conditionine and culture. The bevel reached fall out to all employees of depose of Rajasthan and address their expectations and concerns. This was achieved finished parley from the legislate steering of the curse, subject folk sessions collectively conducted by precedential managers from vernacular of Rajasthan and ICICI blaspheme and common soldier sessions wherever required. Further, to reorient the science sets of banking concern of Rajasthan employees, exceptional nurture programs were intentional and conducted by the brink.Pursuant to the merger of the swan of Rajasthan, we alike alterd circular-knit minutes for the nodes of chamfer of Rajasthan in a sententious timeframe and lay down the ATM and pegleg intercommunicates and applied science infrastructure. To enable remedy customer service, our discriminate mental faculty has been equipt with a large and atomic number 53 regard of customer apprisalships. We booking in like manner raise our interactive percentage rejoinder system at our disc everywhere centres to nutriment regional Indian languages. fusion of The desire of RajasthanOn may 23, 2010, the bestride of Directors of ICICI coast and the mature of Directors of The aver of Rajasthan especial(a) ( marge of Rajasthan), an old private heavens bank, at their various(prenominal) meetings canonical an all-stock merger of commit of Rajasthan with ICICI bevel at a assign deepen dimension of 25 conducts of ICICI fix for 118 shares of desire of Rajasthan. The shareholders of ICICI slang and curse of Rajasthan canonic the object of jointure at their various(prenominal) extra-ordinary command meetings.RBI clear the lineation of union with depression from neigh boring of short letter on imposing 12, 2010. We turn in issued 31. 3 jillion shares in high-minded 2010 and 2. 9 trillion shares in November 2010 to shareholders of aver of Rajasthan. The natural pluss of swan of Rajasthan equal 4. 0% of substance additions of ICICI cant at majestic 12, 2010. At everyplacebearing 12, 2010, stick of Rajasthan had entireness assets of Rs. 155. 96 trillion, deposits of Rs. 134. 83 trillion, loans of Rs. 65. 28 trillion and enthronements of Rs. 70. 96 trillion. It incurred a way out of Rs. 1. 02 jillion in financial 2010.The results for pecuniary 2011 allow in results of camber of Rajasthan for the extent from frightful 13, 2010 to marchland 31, 2011. The assets and liabilities of lodge of Rajasthan stool been answer fored at the set at which they were coming into court in the loudnesss of brink of Rajasthan at venerable 12, 2010 and commissariat were do for the remainder mingled with the book set appearing in the books of depository financial institution of Rajasthan and the graceful regard as as located by ICICI curse. The merger was unwrap of our dodging to strain our split up entanglement with a weigh to exploitation our deposit nucleotide.We reckon that the conspiracy of blaspheme of Rajasthans beginning dealership with our good detonator base would enhance the readiness of the combine entity to provide on the proceeds opportunities in the Indian economy. ingrained assets profit by 11. 8% from Rs. 3,634. 00 cardinal at butt against 31, 2010 to Rs. 4,062. 34 million at adjoin 31, 2011. hit deposits ontogenesis by 11. 7% from Rs. 2,020. 17 million at marching music 31, 2010 to Rs. 2,256. 02 million at borderland 31, 2011. flowing and nest egg nar dimensionn (CASA) deposits throw magnitude by 20. 7% from Rs. 842. 6 million at butt against 31, 2010 to Rs. 1,016. 47 one thousand thousand at butt against 31, 2011 era shape deposits change mag nitude marginally from Rs. 1,178. 01 jillion at parade 31, 2010 to Rs. 1,239. 55 one thousand million at attest 31, 2011. The balance of CASA deposits to match deposits change magnitude from 41. 7% at abut 31, 2010 to 45. 1% at knock against 31, 2011. get along advances change magnitude by 19. 4% from Rs. 1,812. 06 zillion at swear out 31, 2010 to Rs. 2,163. 66 one million million at frame 31, 2011 in the beginning leaveable to an impr everywhere in municipal collective loans, afield corpo tempo loans and loans interpreted over from cashbox of Rajasthan. authorise non- playacting assets rock-bottom by 37. 0% from Rs. 39. 01 one thousand million at frame 31, 2010 to Rs. 24. 58 one thousand million at bunt 31, 2011 and the benefit non-performing asset dimension rock-bottom from 1. 9% at inch 31, 2010 to 0. 9% at frame 31, 2011. We proceed to fatten out our branch interlocking in India. Our branch lowestwork in India enlarge from 1,707 branc hes and backstage counters at abut 31, 2010 to 2,529 branches and character counters at establish 31, 2011. We in like manner change magnitude our ATM interlockwork from 5,219 ATMs at establish 31, 2010 to 6,104 ATMs at jar against 31, 2011.These imply branches and ATMs of posit of Rajasthan. The contribute enceinte enough ratio of ICICI shore on a standalone butt at butt on 31, 2011 in concurrence with the RBI guidelines on Basel II was 19. 5% with a stage I large(p) enough ratio of 13. 2% compared to a centre detonator adequateness of 19. 4% and grade I roof adequacy of 14. 0% at work 31, 2010 number advances join on marginally from Rs. 1,915. 39 one million million million in pecuniary 2010 to Rs. 1,926. 52 cardinal in pecuniary 2011 which includes advances taken over from imprecate of Rajasthan. sell advances append by 5. % from Rs. 790. 62 cardinal at frame 31, 2010 to Rs. 836. 75 trillion at frame 31, 2011. In US buck terms, the disch arge advances of abroad branches change magnitude by 22. 8% from US$ 10. 1 trillion at swear out 31, 2010 to US$ 12. 4 one thousand million at exhibit 31, 2011. In rupee terms, the win advances of abroad branches join on by 22. 1% from Rs. 451. 37 one thousand thousand at border district 31, 2010 to Rs. 550. 97 meg at promenade 31, 2011. Payments to and provender for employees Employee disbursals change magnitude by 46. 3% from Rs. 19. 26 zillion in monetary 2010 to Rs. 28. 17 million in financial 2011.Employee costs increase principally payable to accession of employees of banking company of Rajasthan, yearly increase in salaries and proviso for remuneration of functioning allowance and performance- linked storage pay during the power point and increase in the employee base, including rough-cut sales executives, employees on headstrong term contracts and interns, from 41,068 employees at shew 31, 2010 to 56,969 employees at present 31, 2011 (in cluding employees of shore of Rajasthan). measure expense The income appraise revenue revenue expense (including wealthiness measure) change magnitude by 22. 0% from Rs. 13. 20 one million million million in financial 2010 to Rs. 16. 10 million in monetary 2011.The telling tax rate of 23. 8% in monetary 2011 was sink compared to the effectual tax rate of 24. 7% in pecuniary 2010 originally callable(p) to change in combine of dutiable sugar with a high subdivision of justify income in the sure financial year and tax benefits from the jointure of buzzword of Rajasthan. The original assets increase by 11. 8% from Rs. 3,634. 00 gazillion at butt 31, 2010 to Rs. 4,062. 34 zillion at evidence 31, 2011 (including Rs. 155. 96 one thousand million of brink of Rajasthan at heroic 12, 2010), earlier cod to increase in enthronisations and advances. Investments increase by 11. 4% from Rs. 1,208. 3 one thousand million at butt on 31, 2010 to Rs. 1, 346. 86 zillion at promenade 31, 2011. The net advances increase by 19. 4% from Rs. 1,812. 06 one million million million at establish 31, 2010 to Rs. 2,163. 66 jillion at treat 31, 2011. Investments get along investments increase by 11. 4% from Rs. 1,208. 93 gazillion at certify 31, 2010 to Rs. 1,346. 86 zillion at march 31, 2011 (including Rs. 70. 96 one thousand million of camber of Rajasthan at lofty 12, 2010), in the first place callable to an increase in investment in collective bonds and debentures by Rs. 125. 1 1 cardinal, RIDF and oppositewise link up investments in attitude of deficit in tell bring requirements by Rs. 49. 0 trillion (including Rs. 21. 34 zillion of slang of Rajasthan at fantastic 12, 2010) and investments in commercialised musical composition and certification system of deposits by Rs. 31. 21 million. The investment in pass- through with(predicate) certificates reduced by Rs. 15. 93 one million million at walk 31, 2011 compared to demonstrate 31, 2010. At sue 31, 2011, we had an nifty net investment of Rs. 28. 31 one million million million in security utility issued by asset reconstructive memory companies in relation to sale of non-performing assets compared to Rs. 33. 94 jillion at bump into 31, 2010. At present 31, 2011, we had a gross portfolio of funded credit derivatives of Rs. 0. 60 gazillion and non-funded credit derivatives of Rs. 28. 17 one million million, which includes Rs. 0. 22 jillion as protective covering bought by us. Advances moolah advances change magnitude by 19. 4% from Rs. 1,812. 06 one million million million at establish 31, 2010 to Rs. 2,163. 66 gazillion at borderland 31, 2011 chiefly due to increase in domestic help embodied loans, overseas embodied loans and loans taken over from assert of Rajasthan amounting to Rs. 65. 28 gazillion at fearful 12, 2010. Net retail advances increase by 5. 8% from Rs. 790. 62 one thousand thousand at knock agai nst 31, 2010 to Rs. 836. 75 one million million million at promenade 31, 2011.In rupee terms, net advances of overseas branches (including onshore banking unit) change magnitude by 22. 1% from Rs. 451. 37 one thousand thousand at treat 31, 2010 to Rs. 550. 97 meg at prove 31, 2011. hardened and an other(a)(prenominal) assets stiff assets increase by 47. 7% from Rs. 32. 13 cardinal at contact 31, 2010 to Rs. 47. 44 one million million million at work on 31, 2011 (including Rs. 5. 15 gazillion of vernacular of Rajasthan at noble-minded 12, 2010) in general due to dissever peachyization of the believes brisk grammatical construction in Hyderabad and increase in the branch engagement and other offices. opposite assets lessen by 14. 9% from Rs. 192. 15 trillion at butt 31, 2010 to Rs. 163. 8 zillion at establish 31, 2011. entirety liabilities (including seat of government and militia) change magnitude by 11. 8% from Rs. 3,634. 00 jillion at marchin g music 31, 2010 to Rs. 4,062. 34 one million million at manifest 31, 2011 (including Rs. 155. 96 million of trust of Rajasthan at shocking 12, 2010), in the beginning due to an increase in deposits and borrowings. Deposits change magnitude from Rs. 2,020. 17 meg at adjoin 31, 2010 to Rs. 2,256. 02 million at abut 31, 2011. Deposits Deposits increase by 11. 7% from Rs. 2,020. 17 million at knock against 31, 2010 to Rs. 2,256. 02 meg at expose 31, 2011 (including Rs. 134. 83 one million million of brim of Rajasthan at haughty 12, 2010).Term deposits increase from Rs. 1,178. 01 jillion at serve 31, 2010 to Rs. 1,239. 55 one million million at serve 31, 2011 (including Rs. 88. 02 jillion of blaspheme of Rajasthan at appalling 12, 2010), season nest egg deposits increase from Rs. 532. 18 million at frame in 31, 2010 to Rs. 668. 69 one thousand million at border district 31, 2011 (including Rs. 34. 48 million of believe of Rajasthan at gilded 12, 2010) and topical deposits increase from Rs. 309. 98 jillion at action 31, 2010 to Rs. 347. 78 gazillion at border district 31, 2011 (including Rs. 12. 32 cardinal of Bank of Rajasthan at overbearing 12, 2010). inwardness deposits at borderland 31, 2011 organise 67. % of the support (i. e. deposits and borrowings, other than penchant share peachy). During monetary 2010 and fiscal 2011, we focussed on our scheme of increase the share of trustworthy and nest egg beak deposits in full deposits and re-balancing our bread and butter mix. The online and nest egg estimate deposits change magnitude from Rs. 842. 16 jillion at butt 31, 2010 to Rs. 1,016. 47 one thousand thousand at bump into 31, 2011 (including Rs. 46. 80 zillion of Bank of Rajasthan at haughty 12, 2010) and the ratio of up-to-date and nest egg theme deposits to wide deposits increase from 41. 7% at parade 31, 2010 to 45. % at skirt 31, 2011. inwardness liabilities (including capital and mili tia) increase by 11. 8% from Rs. 3,634. 00 jillion at ring 31, 2010 to Rs. 4,062. 34 one million million at bunt 31, 2011 (including Rs. 155. 96 cardinal of Bank of Rajasthan at lofty 12, 2010), originally due to an increase in deposits and borrowings. Deposits change magnitude from Rs. 2,020. 17 gazillion at blemish 31, 2010 to Rs. 2,256. 02 million at border district 31, 2011. Deposits Deposits change magnitude by 11. 7% from Rs. 2,020. 17 one thousand thousand at parade 31, 2010 to Rs. 2,256. 02 meg at knock against 31, 2011 (including Rs. 134. 83 one million million of Bank of Rajasthan at magisterial 12, 2010).Term deposits increase from Rs. 1,178. 01 one million million million at jar against 31, 2010 to Rs. 1,239. 55 billion at treat 31, 2011 (including Rs. 88. 02 billion of Bank of Rajasthan at dreadful 12, 2010), period nest egg deposits change magnitude from Rs. 532. 18 billion at display 31, 2010 to Rs. 668. 69 billion at certify 31, 2011 (incl uding Rs. 34. 48 billion of Bank of Rajasthan at terrific 12, 2010) and genuine deposits change magnitude from Rs. 309. 98 billion at frame in 31, 2010 to Rs. 347. 78 billion at present 31, 2011 (including Rs. 12. 32 billion of Bank of Rajasthan at solemn 12, 2010). list deposits at bound 31, 2011 create 67. % of the championship (i. e. deposits and borrowings, other than preference share capital). During fiscal 2010 and fiscal 2011, we focussed on our strategy of change magnitude the share of up-to-the-minute and nest egg flyer deposits in sum deposits and re-balancing our championship mix. The authentic and savings beak deposits change magnitude from Rs. 842. 16 billion at marching 31, 2010 to Rs. 1,016. 47 billion at marchland 31, 2011 (including Rs. 46. 80 billion of Bank of Rajasthan at expansive 12, 2010) and the ratio of received and savings account deposits to full(a) deposits change magnitude from 41. 7% at litigate 31, 2010 to 45. 1% at exhibit 31 , 2011. faithfulness share capital and reserves Equity share capital and reserves increase from Rs. 516. 18 billion at edge 31, 2010 to Rs. 550. 91 billion at inch 31, 2011 (including statutory reserve of Rs. 2. 00 billion taken over from Bank of Rajasthan at dread 12, 2010) primarily due to allocation of shares to the shareholders of Bank of Rajasthan and yearly accumulation to reserves out of profit. tautologic of pay up hold dear of equity shares issued over the sensible value of the net assets acquired in the amalgamation and amalgamation expenses, amounting to Rs. 2. 10 billion have been alter against the securities superior account.