SHRI SIDH THAKURNATH COLLEGE OF ARTS &

COMMERCE,
ULHASNAGAR 421 004
2015-2016

NAME: payal .m. bhagtani

CLASS: M-COM (PART I)(SEM-1)

ROLL NO: 1561131

SUBJECT: Financial Accounting

PROJECT TOPIC: Analysis of annual report of

banking company

SUBMITED TO: santosh karmyani

CERTIFICATE

This is to certify that the project report titled Analysis of Annual

Report of Banking Company has been completed satisfactorily in
partial fulfillment of M.COM PART I course of the University of
Mumbai, for the academic year 2015-2016 by PAYAL MEGHRAJ
BHAGTANI a student of S.S.T College of Arts and Commerce,
Ulhasnagar 400 004.

-----------------------------------------------------------------Signature of External Guide

Signature of Internal Guide

ACKNOWLEDGEMENT

The most pleasant part of any project is to express Thankfulness and Give
Honor towards all those who contributed to the smooth flow of the project work
and this being the good opportunity; I dont want to miss it.
Sincere thanks to the institution of S.S.T. COLLEGE which endow me with
the valuable opportunity so interesting and critical topic is the subject of the
present report.
I thank my project guide Santosh Karmyani Sir for his valuable inputs in
the Research and spending so much of their valuable time and efforts in helping
with my topic.
I also wish to express gratitude to the respondents of the project without the
kind co-operation of whom this one would not have been possible.

Table of Contents

Sr No
1

Particulars
ABOUT ICICI BANK

Page No
6

CONTENTS OF THE ANNUAL REPORT

ANALYSIS

FACTORS INFLUENCING COMPANYS

FINANCIAL PERFORMANCE

12

PRIMARY ASSETS HELD BY THE COMPANY

15

FUTURE PROSPECTS OF THE COMPANY

19

KEY AREAS IN CORPORATE SOCIAL

RESPONSIBILITY OF THE COMPANY

20

Bibliography

24

ANALYSIS AND INTERPRETATION OF ANNUAL REPORT OF A COMPANY

FROM BANKING INDUSTRY

ICICI BANK

REFERENCE:

ANNUAL REPORT 2012-13

ICICI BANK khayaal aapka

ICICI Bank was established by the Industrial Credit and Investment Corporation of
India, an Indian financial institution, as a wholly owned subsidiary in 1994.
In 1998 ICICI Bank made its first IPO .It acquired Bank of Madurai in the year
2001.In 2002 ICICI Ltd, the parent and its subsidiaries merged with ICICI Bank.
ICICI Bank is an Indian multinational bank and financial services company,
headquartered in Mumbai. Based on 2013 information, it is the second largest bank
in India by assets and third largest by market capitalization. It offers a wide range
of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialized
subsidiaries in the areas of:

Investment Banking
Life and Non-Life insurance
Venture Capital and
Asset Management.

The Bank has a network of 3,350 branches and 10,486 ATM's in India, and has a
presence in 19 countries.
ICICI Bank is one of the Big Four banks of India ranking as under:
1st: State Bank of India
2nd: ICICI Bank Limited
3rd: Punjab National Bank
4th: Canara Bank
The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in
United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
6

International Finance Centre; and representative offices in United Arab Emirates,

China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The
company's UK subsidiary has established branches in Belgium and Germany.

CONTENTS OF ANNUAL REPORT

An annual report is a comprehensive report on a company's activities throughout

the preceding year. Annual reports are intended to give shareholders and other
interested people information about the company's activities and financial
performance.
The following are the main contents of the Annual Report of ICICI Bank:
1. Message from Chairman and Managing Director
Chairman K.V. Kamath
Managing Director & CEO Chanda Kocchar
2. Details of Board of Directors and Board Committees
3. Directors Report
4. Auditors Certificate of Corporate Governance
Auditor S R Batliboi & Co., LLP
5. Business Overview
6. Management discussion and analysis
7. Key Financial Indicators
8. Financials (Including Auditors Report)
9. Notice of AGM (Including Attendance Slip and Proxy Form)
7

ANALYSIS OF PROFIT AND LOSS ACCOUNT

(Rs. in 100 Crore)
PARTICULARS

F.Y. - 2013

F.Y. - 2012

% CHANGE

Interest Income
Interest Expense
Net Interest Income
Non Interest Income
-Fee Income
-Treasury Income
-Dividend from subsidiaries
-Other Income (Including Lease
Income)
Operating Income
Operating Expenses (Include
lease depreciation and Direct
Marketing Expenses)
Operating profit
Provisions (net of write-backs)
Profit before Tax
Tax (including deferred tax)
Profit after Tax

400.75
262.09
138.66

335.42
228.08
107.34

19.5%
14.9%
29.2%

69.01
4.95
9.12
0.38

67.07
(0.13)
7.36
0.72

2.9%
23.9%
(47.2%)

222.12
90.13

182.36
78.50

21.8%
14.8%

131.99
18.03
113.96
30.71
83.25

103.86
15.83
88.03
23.38
64.65

27.1%
13.9%
29.5%
31.4%
28.8%

Key Ratios
2013
Return on Average Equity (%)
Return on Average Assets (%)
Earnings per Share

12.94
1.66
72.20

2012
11.09
1.44
56.11

OBSERVATION
Profit after tax increased by 28.8% in FY 2012-13 mainly due to 29.9% increase in
net interest income and 11.3% increase in non-interest income. On the other hand
non-interest expenses saw an increase of 14.8%. And since the Profit after Tax
increased by 28.8%, the Return on Average Equity and Return on Average Assets
increased by 1.85% and 0.22% respectively. Also the EPS of the shareholders
marked a remarkable increase.

ANALYSIS OF ASSETS
(Rs. in 100
Crore)
ASSETS

AS AT 31ST
MARCH 2013

AS AT 31ST
% CHANGE
MARCH 2012

Cash and Bank Balances

Investments
- Govt. & other Approved
Investments
- RIDF and other related
investments
- Equity Investments in
subsidiaries
- Other Investments
Advances
- Domestic
- Overseas branches
Fixed Assets (including leased
assets)
Other Assets
Total Assets

414.18
1713.94
923.76

362.29
1595.60
869.48

14.3%
7.4%
6.2%

201.98

181.03

11.6%

123.22

124.53

(1.1%)

464.98
2902.49
2168.92
733.57
46.47

420.56
2537.28
1843.25
694.03
46.15

10.6%
14.4%
17.7%
5.7%
0.7%

290.87
5367.95

349.37
4890.69

(16.7%)
9.8%

*RIDF Rural Infrastructure Development Fund

OBSERVATION
- Total assets increased by 9.8% primarily due to an increase in advances and
investments.
- Net advances increased by 14.4% whereas Investments increased by 7.4%.
- Also Cash and Bank Balances increased remarkably by 14.3%.
- This shows the good liquidity position of the Bank.
- Also there was not much increase in Government and other Approved
Investments since Banks have to maintain a specific, currently 23% of their
net demand and time liabilities by way of liquid assets like cash, gold or
other approved securities.

10

ANALYSIS OF LIABILITIES
(Rs. in 100
Crore)
LIABILITIES

Equity Share Capital

Reserves
Deposits
- Savings account
deposits
- Current account
deposits
- Term deposits
Borrowings
- Domestic
- Overseas Branches
Subordinated Debt
- Domestic
- Overseas Branches
Preference Share Capital
Other liabilities
Total Liabilities

AS AT 31ST
MARCH 2013

AS AT 31ST
% CHANGE
MARCH 2012

11.54
655.52
2926.14
856.51

11.53
592.52
2555.00
760.46

0.1%
10.6%
14.5%
12.6%

369.26

349.73

5.6%

1700.37
1053.29
402.98
650.31
396.62
378.21
18.41
3.50
321.34
5367.95

1444.81
1022.00
377.38
644.62
376.15
358.90
17.25
3.50
329.99
4890.69

17.7%
3.1%
6.8%
0.9%
5.4%
5.4%
6.7%
0.0%
(2.6%)
9.8%

*Subordinate Debt Debt which ranks after other debts should a company fall into
liquidation or bankruptcy because debt providers have subordinate status in
relationship to Normal debt.
OBSERVATION
- Increase in share capital indicates that Capital has been issued during the
year.
- Total Liabilities have increased by 9.8% mainly due to increase in Deposits
by 14.5% and Subordinate Debt by 5.4%.
11

- Customers term deposit has increased remarkably by 17.7% during the year
which is beneficial to the Bank.

FACTORS INFLUENCING THE PERFORMANCE OF THE

COMPANY

In the financial year 2012-13, ICICI Bank followed a strategy of balancing growth,
profitability and risk management. Through this approach, they achieved several
key milestones, thereby further strengthening their platform for profitable growth.
The year witnessed several challenges in the operating and business environment.
While Indias long-term economic fundamentals and growth potential are strong,
the current challenges have had implications for business sentiment, corporate
profitability and banking sector growth & asset quality. Despite these
developments, the strategy of balancing growth, profitability and risk management
has enabled ICICI Bank to make continued progress.
In face of these challenges some of the key achievements of the Bank during the
fiscal year 2013 are as follows:
1. It was the first full year where ICICI Bank achieved full year net interest
margins of above 3.0%.
2. The trends in asset quality for the banking sector have not been encouraging
in financial year 2012-2013. The banking sector has seen significant
additions to non-performing assets (NPA) and restructured loans during the
year. Despite these systemic trends, ICICI Banks asset quality continued to
remain stable.
March 31, 2013
NPA ratio

0.64%

March 31, 2012

0.62%.

12

3. The combined effect of improvement in profitability parameters and growth

in business volumes is reflected through the 29% growth in ICICI Banks
profit after Tax to Rs. 83.25 billion in the financial year 2012-13.
4. The Banks Return on Assets has increased to 1.66%.
5. The return on equity also improved in the financial year 2012-13:
March 31, 2013
Return on Equity

14.7%

March 31, 2012

13%

6. During the year, they continued to focus on enhancing their customer

proposition through a combination of physical & technological platforms
and innovative product offerings.
7. In financial year 2012-2013, 348 branches and 1,475 ATMs were added to
their network, taking the branch and ATM network to 3,100 and 10,481
respectively at March 31, 2013.
8. They also focused on increasing convenience for customers by expanding
their technology-based offerings, including 24x7 electronic branches and tab
banking.
9. They introduced innovative product features such as the MySavings
Rewards programme and the iWish flexible recurring deposit product.
10.With over 2.0 million fans at March 31, 2013, the Facebook page of ICICI
Bank not only had the largest fan base, but also the highest engagement rates
in comparison to other Indian banks.
11.The ICICI Groups current activities in regard to protective role in nation
building range from financial inclusion to working in the areas of education,
healthcare and sustainable livelihoods.

13

12.During fiscal 2013, ICICI Bank substantially expanded its presence in rural
markets through a combination of branches and business correspondent
channels.
13.ICICI Group established 152 rural branches (including 127 low cost
branches in unbanked villages) which represents over 40% of the total
branch additions in the current financial year.
14.As at 31st March 2013, ICICI Bank has about 14.9 million financial
inclusion accounts with over 13,500 villages under the coverage of the
financial inclusion plan.
15.The number of customer complaints has also reduced from 3837 at the
beginning of the year to 2628 at the end of the year.

14

PRIMARY ASSETS HELD BY THE COMPANY

The following table set forth indicates the principal components of

assets:
Sr. Name of Asset
No
1
Cash and balances with Reserve Bank of
India
i)
Cash in Hand ((including
foreign currency notes)
ii)
Balances with Reserve Bank of
India in current accounts
2
Balances with Bank and Money at Call
and Short Notice

IN INDIA
i)
Balances with Bank
a) In Current Account
b) In other deposit account
ii)
Money at call and Short Notice
a) With Banks
b) With other institutions
OUTSIDE INDIA
i)
In Current Accounts
ii)
In other Deposit Accounts
iii) Money at call and Short Notice
Investments

Current Year

Previous Year

190,527,309

204,612,935

46,774,823

46,696,165

143,752,486

157,916,770

223,647,879

157,680,199

3,462,734
36,008,368

2,828,505
36,822,361

53,000,000
---

5,087,500
4,568,688

19,249,648
87,128,213
24,798,916
Rs.
1,713,935,993

23,470,339
35,029,254
49,873,552
Rs. 1,595,600,430

IN INDIA
i)
Government securities
923,762,915
ii)
Other approved securities
iii) Shares (includes equity and 25,050,852
preference shares)
iv) Debentures and bonds
174,775,171
v)
Subsidiaries
and/or
joint 65,482,766

869,480,205
4,250
22,922,636
195,135,236
64,796,927
15

vi)

ventures
Others (commercial paper,
mutual fund units, pass through
certificates,security receipts,
certificate of deposits, Rural
Infrastructure Development
Fund deposits and other related
investments)

OUTSIDE INDIA
i)
Government securities
ii)
Subsidiaries and/or joint
ventures abroad (includes equity
and preference shares)
iii) Others (equity shares, bonds
and certificate of deposits)
Advances
i)
Bills purchased and discounted
ii)
Cash credits, overdrafts and
loans repayable on demand
iii) Term loans
Fixed Assets
i)
Premises
ii)
Other fixed assets (including
furniture and fixtures)
iii) Assets given on lease
Other Assets
i)
Inter-office adjustments (net)
ii)
Interest accrued
iii) Tax paid in advance/tax
deducted at source (net)
iv) Stationery and stamps
v)
Non-banking assets acquired in
satisfaction of claims
vi) Advances for capital assets
vii) Deposits
viii) Deferred Tax asset (net)

447,127,306

361,872,334

6,574,742
62,475,493

4,399,569
66,864,257

8,686,748

10,125,016

2,902,494,351
61,532,333
451,092,674

2,537,276,579
48,693,815
334,851,948

2,389,869,344
46,470,587
31,279,021
12,843,252

2,153,730,816
46,146,870
31,709,026
12,043,515

2,348,314
Rs. 290,870,692
44,902,010
36,098,478

2,394,329
Rs. 349,370,958
42,175,150
34,161,502

10,045
576,833

10,308
600,575

1,154,106
10,868,027
24,793,018

1,344,889
10,669,329
25,453,167
16

ix)

Others
TOTAL ASSETS

172,468,175
5,367,946,811

234,956,038
4,890,687,971

Total assets increased by 9.8% from Rs. 4,890.69 billion at March 31, 2012
to
Rs. 5,367.95 billion at March 31, 2013, primarily due to an increase in
advances and investments.
Net advances increased by 14.4% from Rs. 2,537.28 billion at March 31,
2012 to Rs. 2,902.49 billion at March 31, 2013.
Investments increased by 7.4% from Rs. 1,595.60 billion at March 31, 2012
to Rs. 1,713.94 billion at March 31, 2013.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and balance with RBI and
other banks, including money at call and short notice.
Cash and cash equivalents increased from Rs. 362.29 billion at March 31,
2012 to Rs. 414.18 billion at March 31, 2013.
The increase was primarily due to an increase in term and call money
lending.
The balances with RBI decreased from Rs. 157.92 billion at March 31, 2012
to Rs. 143.75 billion at March 31, 2013 primarily due to reduction in CRR.
Investments
Total investments increased by 7.4% from Rs.1595.60 billion at March 31,
2012 to Rs. 1,713.94 billion at March 31, 2013, primarily due to an increase
in investment in government securities by Rs. 54.28 billion,
Rural Infrastructure Development Fund and other related investments
(pursuant to shortfall in achievement of directed lending requirements) by
Rs. 20.96 billion, pass through certificates by Rs. 35.20 billion and
commercial paper and certificates of deposit by Rs. 34.87 billion.
The investment in mutual funds decreased by Rs. 21.54 billion and corporate
bonds and debentures decreased by Rs. 20.36 billion during fiscal 2013.
At March 31, 2013, we had an outstanding net investment of Rs. 11.47
billion in security receipts issued by asset reconstruction companies in
17

relation to sale of non-performing loans compared to Rs. 18.32 billion at

March 31, 2012.
At March 31, 2013, we had notional non-funded credit derivatives
outstanding of Rs. 3.07 billion compared to Rs. 10.25 billion at March 31,
2012.
We had no funded credit derivatives outstanding at March 31, 2013.
Advances
Net advances increased by 14.4% from Rs. 2,537.28 billion at March 31,
2012 to Rs. 2,902.49 billion at March 31, 2013 primarily due to increase in
the domestic corporate and retail loan book.
Net retail advances Managements Discussion & Analysis Annual Report
2012-2013 63 increased by 11.4% from Rs. 963.63 billion at March 31, 2012
to Rs. 1,073.59 billion at March 31, 2013.
Net advances of overseas branches (including offshore banking unit)
decreased in USD terms by 0.7% from US$ 13.6 billion at March 31, 2012
to US$ 13.5 billion at March 31, 2013.
In rupee terms, net advances of overseas branches (including offshore
banking unit) increased by 5.7% from Rs. 694.03 billion at March 31, 2012
to Rs. 733.57 billion at March 31, 2013.

Fixed and other assets

Net fixed assets increased marginally from Rs. 46.15 billion at March 31,
2012 to Rs. 46.47 billion at March 31, 2013.
Other assets decreased by 16.7% from Rs. 349.37 billion at March 31, 2012
to Rs. 290.87 billion at March 31, 2013.
At March 31, 2013, we have presented mark-to-market on forex and
derivatives trading transactions (including revaluation on outstanding
funding swaps) and interest accrual on hedge swaps on gross basis.
Accordingly, the gross positive mark-to-market amounting to Rs. 113.24
billion has been included in other assets at March 31, 2013.
Consequent to the change, other assets have increased by Rs. 154.22 billion
at March 31, 2012. This was previously presented on a net basis and the net
positive mark-to-market was recorded in Other Assets and the net negative
mark-to-market was recorded in Other Liabilities.
18

FUTURE PROSPECTS OF ICICI BANK

Vision
To be the leading provider of financial services in India and enhance our
positioning among global banks through sustainable value creation.

Mission
To create value for our stakeholders by:
Being the financial services provider of first choice for our customers by
delivering high quality, world-class products and services.
Playing a proactive role in the full realisation of Indias potential and
contributing positively in all markets where we operate
Maintaining high standards of governance and ethics; and balancing growth,
profitability and risk to deliver and sustain healthy returns on capital

ICICI CEO on Banks Future Plans

Foreseeing Indian economy back on a high-growth trajectory in the coming
months, ICICI Bank is looking at expanding its fund-generation profile and
revenue streams to capitalise on the forthcoming opportunities.
"Looking ahead, we see favourable prospects for the Indian economy. . . India has
weathered the global storm with a high degree of resilience and we expect the
Indian economy to return to a robust growth path ahead of other economies that are
experiencing recessionary conditions," ICICI Bank managing director and chief
executive officer Chanda Kochhar has said.
19

"As we prepare ourselves for the next phase of growth, we will work on further
diversifying our funding profile and revenue streams," Kochhar said in her
message to the country's largest private sector bank's shareholders.
Since 2007, as the global and Indian economic environment has changed rapidly,
the bank has focused on a conscious strategy of capital conservation, risk
containment and efficiency improvement.
"We have healthy capital adequacy, sound liquidity and improved cost
efficiencies," she added.
The bank's chairman K V Kamath also expressed confidence that 'the Indian
economy's robust fundamentals and domestic growth drivers will impart it the
resilience to emerge stronger from this period'.
"I believe the economic recovery, some signs of which are already visible, will
gather momentum in the coming months and in due course see India returning to a
high growth trajectory," he noted in his message to shareholders.
Kamath, who handed over the role of MD and CEO to Kochhar last month, further
said, "The last year has been an exceptionally challenging year for the global
economy and financial sector.
"India, while fundamentally in a much stronger position, has also experienced the
impact of these events as they were transmitted through trade and capital
channels."
Kochhar said that against the backdrop of an imminent recovery in Indian
economy, "The ICICI Group sees before it a wide opportunity spectrum: increasing
household incomes and consumption in both rural and urban India; significant
industrial and infrastructure investment potential; and the vast Indian spanning the
globe.
"We, as a multi specialist financial services group, are well positioned to capitalise
on these opportunities. We will continue to participate in India's growth by meeting
the financial services needs of the Indian economy."
20

The annual report also quoted ICICI Bank's executive director Sonjoy Chatterjee as
saying, "Indian economy has strong fundamentals and will provide robust growth
opportunities for industry."
"The Indian corporate sector has demonstrated its ability to withstand the global
economic challenges and we will extend full support to the industry as it reorients
strategies in this environment. We will focus on deepening our client relationships
to enhance the diversity and resilience of our revenue streams," Chatterjee said.
Kamath further said that ICICI Bank was able to meet the challenge posed by the
developments in global economy 'due to its strong capital position and the
fundamental strengths of its franchise.'
"We have demonstrated our success over a long period of time. In fiscal 1985, we
had a net worth of Rs 1.75 billion, assets of about Rs 21 billion and profits of Rs
0.36 billion.
"Over the past few years, we have built a strong franchise in the Indian corporate
and retail segments, the non-resident Indian segment, and the wider deposit market
in certain countries. We believe that the strategy that we have followed and the
franchise that we have built provide a strong foundation for our growth in the years
to come," Kochhar said.

In a major expansion drive, ICICI Bank plans to add about 1,500 branches over a
period of four years against the existing strength of about 2,500.
With the addition, the branch network to go up to 4,000 by 2015, a senior official
of ICICI Bank said.
The branch expansion will help increase its presence as well as business, the
official said, adding it will help mobilise cheap resources.

PROMOTING INCLUSIVE GROWTH

21

ICICI Foundation for Inclusive Growth (ICICI Foundation) was set up by the
ICICI Group in early 2008 with a view to carry forward and build upon its legacy
of promoting inclusive growth. ICICI Foundation works primarily with
government authorities and specialised grass-root organisations to support
developmental work in identified focus areas.
In fiscal 2012, ICICI Foundation moved its focus from being just a donor to
becoming a key stakeholder in design, implementation and impact evaluation of its
programmes and projects. During fiscal 2013, ICICI Foundation further
strengthened its efforts in identified areas
Elementary Education
Sustainable Livelihoods
Primary Health and
Financial Inclusion.
All of ICICI Foundations activities are focused around building capabilities and
developing innovative models that can be replicated and scaled up in the future.
Areas of Focus
1. Elementary Education
(i.)

School and Teacher Education Reform Programme (STERP),

Rajasthan:
ICICI Foundations flagship education programme, STERP, is being
implemented through a six-year partnership with the Government of
Rajasthan. The programme endeavours to deliver a child-centric
learning environment in Government elementary schools with the aim of
instilling critical thinking and meaningful learning among students. In its
second year now, STERP aims to bring about a strategic shift in the
States elementary education system and bring it in line with the
National Curriculum Framework (NCF) 2005, the National Curriculum
Framework for Teacher Education (NCFTE) 2009 and the Right to
Education (RTE) Act 2009.
The STERP programme has four key objectives, the progress of which is
as below:

(a. Revision and renewal of curriculum, syllabus guidelines and development of

new textbooks: During fiscal 2013, the curricula and syllabi for Classes I to
VIII have been revised and new English textbooks for Classes VI, VII and VIII
have been developed. Publication of 13 new textbooks has also since been
approved, taking the total number of new textbooks developed to 16.
(b.Education and training of in-service teachers: At least 300,000 in-service
teachers in Rajasthan need proper training to professionally develop
22

themselves in line with NCF 2005, NCFTE 2009 and RTE 2009. The training is
being conducted on a cascade model through a two-tier structure involving
250 Key Resource Persons (KRPs) and 2,500 Master Trainers (MTs). Training
modules for English textbooks (Class VI to VIII) were developed and training
was conducted by 70 KRPs and 500 MTs for 25,000 in-service teachers. The
curriculum and syllabus for the Basic School Training Certificate (BSTC)
programme have also been revised, approved and placed in the public
domain for feedback.
(c. Governance and Institutional Accountability: The RTE Act 2009 specifies that
every child in the age group of 6 to 14 years has a right to good quality and
free education. The RTE also mandates recruitment and training of an
adequate number of trained teachers to be able to meet the required ratio of
one teacher for every 30 students. Apart from training teachers, STERP also
supports professional development of administrative functionaries, including
District Education Officers, Block Education Officers and District Project
Coordinators. Through STERP, ICICI Foundation aims to cover the issues
impacting the learning environment.At the district level, Teacher Support
Units(TSUs) have been created within the DistrictInstitute of Education and
Training (DIET).150 demonstration schools from the districts of Baran, Churu
and Jaipur in Rajasthan havebeen taken up as part of the endeavour for
capacity building and making the schools RtE compliant.This includes
establishment of School Management Committees (SMCs) comprising
community-based groups of parents and stakeholders to oversee on these
schools. TSUs provide full support to on-ground resource personnel delivering
academic inputs and support to school teachers. Work is continuing with
SMCs having been constituted in 127 schools. Further, 40 Nodal Head
Masters have completed training. They will be responsible for management of
a cluster of schools.

23

Bibliography

ICICI Bank Annual Report 2012-2013.

24