It gives me great pleasure to place before you the highlights of your Bank’s performance during the financial year 2015-16. Details of the achievements and initiatives taken by your Bank are provided in the enclosed Annual Report for the year 2015-16.
The year 2015 was another difficult year for the global economy, with economic growth easing to 3.1% as per IMF estimates. While the growth in advanced economies increased moderately, the Emerging Market and Developing Economies’ growth decelerated amidst subdued growth performance in the bigger economies of Brazil, Russia and persistent slowdown in China. Low oil, commodity prices and tighter financial conditions kept the risks elevated.
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We are India’s largest commercial bank in terms of assets, deposits, branches, number of customers and employees and enjoy the continuing faith of millions of customers across the social spectrum.