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Based on their experience and expertise in the finance, banking and audit & assurance services sector, Chokshi & Chokshi, MSI's Mumbay accounting firm member, has been appointed as central statutory auditor by State Bank of India (SBI), for the Financial Year 2008-2009.
State Bank of India, established in 1806, is India's oldest and largest nationalised bank amongst all public and private sector banks operating in India, through its network of branches with strong presence in 32 countries worldwide including major financial capitals such as London, UAE, Hong Kong, Singapore and many other strategic associations by way of subsidiaries, joint ventures and representative offices. The bank is known for its customised solutions in every aspect of business by way of its well managed, efficient, deep-rooted network and strong customer oriented policies in the banking sector. The bank has a number of banking and non-banking subsidiaries in and around India which include:
State Bank of Hyderabad, State Bank of Saurashtra, State Bank of Travancore, etc. Foreign subsidiaries include, State Bank of India International (Mauritius) Ltd., State Bank of India (California), State Bank of India (Canada) and INMB Bank Ltd, Lagos. Non-banking subsidiaries are SBI Capital Markets Ltd (SBICAP), SBI Funds Management Pvt Ltd (SBI FUNDS), SBI DFHI Ltd (SBI DFHI), SBI Factors and Commercial Services Pvt Ltd (SBI FACTORS) and SBI Cards & Payments Services Pvt. Ltd. (SBICPSL) and joint venture embraces of SBI Life Insurance Company Ltd (SBI LIFE).
The net profit of SBI bank for the first quarter of 2009 has grown to 24780 million up by 37.03% compared to 18090 million in the last quarter of 2008. Business growth in terms of deposits has also grown by 732030 million in the first quarter of 2009 compared to 260180 million in the last quarter of 2008. The capital adequacy ratio of the Bank under Basel I and Basel II, as on 31.12.2008 has improved and is above 13% as per the guidelines laid by RBI.
This assignment will enable Chokshi & Chokshi to further excel and share its expertise with other MSI members by undertaking engagements in focused sectors like the financial services and audit & assurance services sector. The Indian accounting members of MSI continue to be in for exciting times.
For more information
Please contact Mitil Chokshi from Chokshi & Chokshi
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