HUMAN RESOURCES DEVELOPMENT DIVISION

HEAD OFFICE, DWARKA, NEW DELHI

DATED: 09.04.2020

OFFICE ORDER NO.16 /2020

1. Annual Financial results of OBC and UBI as at 31.03.2020

RBI has clarified that statutory audit of OBC, United Bank of India and
PNB as at 31.03.20 is to be carried out treating the three banks as if they
are independent entities. In view of this, e-OBC and e-UBI will have to
independently and individually get their annual statutory audit
completed and compile their respective financials as at 31.03.20.
Accordingly, the following process has been laid down for signing and
approval of the Annual Financial Statements as at 31.03.20 of the
erstwhile entities:

a) Finance and Accounts teams and all concerned officials as at

31.03.20 in e-OBC and e-UBI will be responsible for getting the
Annual Statutory Audit completed as per RBI’s prescribed procedure
for the erstwhile entities as on the said date and they will also sign
such statements.

b) Financials of OBC & UBI duly audited by their SCAs will be signed by
CFOs of the respective Banks along with their Finance & Accounts
teams and the same will be approved by a Committee of four General
Managers from the respective Banks. The above Committee has been
formed in each of e-OBC and e-UBI who will sign the attached
certificate (Annexure 1& 2 respectively). Such approved Financial
Statements shall be placed by CFO of the respective banksbefore the
MD & CEO and Executive Directors of the amalgamated entity for
their signatures. The following General Managers, who were holding
charge of the Divisions mentioned below as on 31.03.2020 in their
respective Banks, have been nominated on the above said Committee:

i. General Manager- Treasury

ii. General Manager – Recovery
iii. General Manager – Credit
iv. General Manager – Inspection & Audit
 c) CFO &Finance & Accounts teams at e-OBC and e-UBI are advised to
ensure that various provisions as per the harmonised approved
policies of the amalgamated entity are accounted for in their
respective financials as at 31.03.20. They should suitably inform their
SCAs about such harmonized policies. AllGeneral Managers at HO
Divisions in PNB will also follow up with their counterparts in e-OBC
and e-UBI to ensure compliance.

2. Opening Balance Sheet as at 01.04.20

a) As clarified by RBI, Opening Balance Sheet of the amalgamated entity

as at 01.04.20 will be audited by PNB’s SCAs and approved by the
ACB and Board.

b) The Opening Balance Sheet of the amalgamated entity will be

compiled as per the harmonized policies. Accordingly, CFOsof the
erstwhile OBC and UBI will also sign the Opening Balance Sheet of
the amalgamated entity as at 01.04.2020 alongwith the CFO of PNB.

3. Commencement of Statutory Audit for the year ended 31.03.20 has got
delayed on account of the prevalent circumstances due to Covid-19
outbreak. However, in view of the stringent timelines for finalization of
Annual Statutory audit and Financial Statements, all General
Managers(including at e-OBC and e-UBI) are advised to personally
monitor the progress of statutory audit pertaining to their respective
Divisions, immediately on commencement and ensure its timely
completion.

All the Chief General Managers/General Managers of PNB, eOBC and eUBI
are advised to note the above instructions for strict compliance.

(R. K. YADUVANSHI)
EXECUTIVE DIRECTOR

Encl: Annexure 1 & 2

 HUMAN RESOURCES DEVELOPMENT DIVISION
HEAD OFFICE, DWARKA, NEW DELHI
Annexure 1

For eOBC
To

The MD & CEO / Executives Directors of PNB

Reg: Approval of Financial Results as at 31.03.2020 of eOBC

Vide PNB office order No. ________ dt ___________ a committee of four

General Managers was formed for approval of Annual financial results of
eOBC as at 31.03.2020.

In this connection the Committee has gone through the annual financial
results/statements of eOBC duly audited by the Statutory Central Auditors
and certify as under:

- These statements do not contain any materially untrue statement or omit

any material fact or contain statements that might be misleading
- These statements together present a true and fair view of the Bank’s
affairs and are in compliance with existing accounting standards,
applicable laws and regulations.
- There are, to the best of our knowledge and belief, no transactions
entered into by the listed entity during the year which are fraudulent,
illegal or violative of the listed entity’s code of conduct.
- Various provisions as per the PNB’s approved policies have been
harmonized and impact of the same has been taken into account in the
financials as at 31.03.2020.

General Manager – Treasury General Manager – Recovery

General Manager – Credit General Manager – Inspection & Audit

MEMBERS OF THE COMMITTEE (eOBC)

 HUMAN RESOURCES DEVELOPMENT DIVISION
HEAD OFFICE, DWARKA, NEW DELHI
Annexure 2

For eUBI
To

The MD & CEO / Executives Directors of PNB

Reg: Approval of Financial Results as at 31.03.2020 of eUBI

Vide PNB office order No. ________ dt ___________ a committee of four

General Managers was formedfor approval of Annual financial results of
eUBI as at 31.03.2020.

In this connection the Committee has gone through the annual financial
results/statements of eUBI duly audited by the Statutory Central Auditors
and certify as under:

- These statements do not contain any materially untrue statement or omit

any material fact or contain statements that might be misleading
- These statements together present a true and fair view of the Bank’s
affairs and are in compliance with existing accounting standards,
applicable laws and regulations.
- There are, to the best of our knowledge and belief, no transactions
entered into by the listed entity during the year which are fraudulent,
illegal or violative of the listed entity’s code of conduct.
- Various provisions as per the PNB’s approved policies have been
harmonized and impact of the same has been taken into account in the
financials as at 31.03.2020.

General Manager – Treasury General Manager – Recovery

General Manager – Credit General Manager – Inspection & Audit

MEMBERS OF THE COMMITTEE (eUBI)