Annual Report 09-10 (OPTION2) Report/AR09-10.pdf · 2013-11-05 · ANNUAL REPORT OF THE BANKING CODES AND STANDARDS BOARD OF INDIA (BCSBI) 2009-10 The year 2009-10 has witnessed a

Annual Report2009-10

BANKING CODES AND STANDARDS

BOARD OF INDIA

www.bcsbi.org.in

PUBLISHED BY

B.M. Mittal

Chief Executive OfficerBanking Codes and Standards Board of IndiaC-7, Reserve Bank of India BuildingBandra Kurla ComplexMumbai- 400051

Phone : (022) 26573715Fax : (022) 26573719

Banking Codes and Standards Board of India

Governing Council

Chairman

K.J. Udeshi

Members

M. M. Chitale

Chartered Accountant

204 and 205 Agarwal

Shyamkamal-

A Building, Vile Parle (East)

Mumbai-400 057

Cyrus Guzder

Chairman and Managing Director

AFL Pvt. Ltd., AFL House

Lok Bharati Complex

Marol Maroshi Road

Andheri (East)

Mumbai-400 059

V. P. Shetty

Chairman

JM Financial Asset Reconstruction

Company Private Limited

141, Maker Chambers III,

Nariman Point

Mumbai-400 021

Dr. Ajit Ranade

Group Chief Economist

Aditya Birla Management

Corporation Pvt. Ltd.

2-C, S.K. Ahire Marg, Worli

Mumbai-400 030

B M Mittal

Chief Executive Officer


C-7, Reserve Bank of India Building

Bandra-Kurla Complex

Mumbai-400 051

ANNUAL REPORT OF THE BANKING CODES AND STANDARDS

BOARD OF INDIA (BCSBI)

2009-10

The year 2009-10 has witnessed a surge of activities undertaken by BCSBI with a view to

increasing its membership base, raising and enhancing the standards of customer service

rendered by its member banks by evolving a revised Code of Bank’s Commitment to

Customers, reaching out to borrowers at the bottom of the pyramid who are in a debt

trap by setting up Credit Counselling services and launching a Newsletter for increasing

public awareness. This is in addition to its normal activities of monitoring of Code

compliance and dealing with systemic issues arising out of customer complaints.

Governing Council

Shri K V Subba Rao vacated the office of Chief Executive Officer and Member of Governing

Council in July 2009 consequent upon his voluntary retirement from the service of the

Reserve Bank of India. In his place, Shri B M Mittal, who was Executive Director of UCO

Bank, has been appointed with effect from November 2009. The BCSBI places on record

the invaluable services rendered by Shri K V Subba Rao.

The Governing Council, which is vested with the general supervision, direction and control

of the working of the BCSBI, held eight meetings during the year 2009-10.

Membership and Subscription

Five scheduled urban cooperative banks (UCBs) and fourteen regional rural banks (RRBs)

were admitted as members taking the total number of member banks to 91 as on April 1,

2010 and the membership of twenty two banks is in process. BCSBI is thus ensuring

that a larger section of the population is covered by the commitment of banks to provide

easy, speedy and transparent access to banking services. Names of members and banks

registered for membership are listed in Annex I & II.

BCSBI collected Rs. 107.17 lakh by way of registration and membership fee from member

banks.

Investment of Funds

As on March 31, 2010, the investments of Corpus Fund and Public Awareness Fund

made in accordance with the Investment Policy, aggregated Rs.989.16 lakh comprising

Rs.358.35 lakh in Government Securities and Rs.630.81 lakh in term deposits with

member banks. During the year, total income from investments amounted to Rs.76.59

lakh.

Annual Report 2009-10Banking Codes and Standards Board of India

Credit Counselling

One of the important developments that took place during the year was the setting up of

a Credit Counselling Centre, manned by two senior level officers with long years of

commercial banking experience. Credit Counselling is a pro-active measure to mitigate

the woes of those borrowers who have been trapped in debt. The Centre started functioning

from the office of BCSBI at Mumbai from October 1, 2009. In keeping with BCSBI’s

objective of focusing on the financial service needs of individuals and micro and small

enterprises, the Centre provides free credit counselling services to Micro and Small

Enterprises and individual borrowers of member banks whose credit exposure does not

exceed Rs.50 lakh. The Credit Counsellors dialogue with the concerned member bank on

the debt restructuring plans etc. and the member banks on their part have extended full

co-operation to BCSBI. The centre has rendered counselling service to 240 applicants.

Review of Code of Bank’s Commitment to Customers

The Code of Bank’s Commitment to Customers was first launched on July 1, 2006. As

was required in terms of para 12 of the Code, a review of the Code was undertaken in

collaboration with the Indian Banks’ Association (IBA). During the process of review,

suggestions were invited from Reserve Bank of India, member banks of BCSBI, Banking

Ombudsmen and associations representing interests of various segments of bank

customers. Suggestions were also invited from members of the public through a notice

on the BCSBI website.

The objective of the review was to bring about enhancement in the minimum standards of

banking practices relating to customer service keeping in view the contemporary regulatory

framework, changing face of the consumers of banking services, their growing expectations,

emerging issues in customer service and on-going market developments and innovations in

the banking system. Through the revised Code – Code of Bank’s Commitment to Customers

– August 2009 banks stand committed to greater transparency, enhanced level of customer

service and a more efficient grievance redressal system at the banks.

Efforts to spread awareness of the Codes:

Publication of BCSBI Newsletter – ‘Customer Matters’

The newsletter ‘Customer Matters’ was launched in April, 2009 with the message of the

Governor, RBI that this should become an effective and useful medium to interact with

banks, members of public and other civil society organisations on an ongoing basis. The

Newsletter has tried to bring about greater public awareness on contemporary banking

issues of common interest; regulatory initiatives by the RBI in the realm of customer

service, as also exemplary decisions taken under the Banking Ombudsman Scheme. The

response to the Newsletter has been very encouraging.


2


3


Workshops / Seminars / Conferences

Keeping in view the recent enrolment of RRBs and UCBs as members of BCSBI and to

spread awareness of the provisions of the Codes, BCSBI held on-location programmes

for CEOs and officials of all the new member banks. A Workshop for members of faculty

of banks was also held in Mumbai which was attended by 107 officials.

As Principal Code Compliance Officers (PCCOs) are a crucial link between BCSBI and

member banks, a Conference was organized for all PCCOs in March 2010.The Conference

received an overwhelming response. The Chairman, BCSBI and Members of Governing

Council were present and interacted with the participants. The Open Forum witnessed

participants discussing several systemic issues which was useful as it provided for the

dissemination of greater conceptual clarity and understanding. The issues raised by PCCOs

along with BCSBI’s comments have been placed on the BCSBI website for the guidance of

all concerned.

4

Shri R C Arora, Senior Vice President & Head Compliance, BCSBI (fifth from left)addressing officials of Sarva U P Gramin Bank at Meerut.


Officials of Andhra Pragathi Grameena Bank at the workshop conducted by BCSBI at Kadapa.

Shri R C Arora addressing the audience at the meeting organised by FIEO at Mumbai.

5


6

Participants from member banks at the workshop held at the College of Agricultural Banking, Pune.

Members of the Governing Council and Senior Officials of BCSBI at the Conference ofPrincipal Code Compliance Officers held at Mumbai.


Monitoring of Compliance

BCSBI monitors adherence to provisions of the Codes by member banks through the

Annual Statement of Compliance (ASC) as also through visits to branches, controlling

offices, Head Offices, central processing centres and even training colleges.

Over the years there has been a perceptible improvement in several areas of customer

service e.g. transparency has increased through display of information on banks’ websites,

display of Comprehensive Notice Board at the branch, printing of address and telephone

number of the branch in the pass book, conveying all important terms and conditions in

the sanction letter etc. There has also been significant improvement in other areas such

as in the manner of collection of dues by recovery agents, timely settlement of claims of

deceased account holders, issue of standardised loan application form for MSE customers,

payment of compensation for delays in collection of cheques etc. However, there are still

several areas where customer service needs more attention. We are confident that if the

reports of senior officials’ visits to branches and the internal inspection reports reflect

correctly the gaps in customer service as committed to in the Codes and banks activate

their Branch Level Customer Service Committees and have meaningful discussions at

the level of the Customer Service Committee of the Board, the systemic gaps in customer

service could be rectified.

Complaints and their redressal

During the year under report, 750 complaints were received against member banks.

These were all forwarded for redressal to the Customer Service Department, RBI and

those complaints which indicated systemic deficiencies were followed up with the

7

At a glance ....

Members of BCSBI 91

Banks admitted as members during the year 19

Applications in process for membership 22

Workshops / conferences held 13

Participants 602

Banks visited to ascertain level of compliance 14

Branches of banks visited to ascertain level of compliance 73

Applicants who sought credit counselling 240

Complaints dealt 750


8

respective banks for taking corrective action e.g. BCSBI has ensured that receipts are

issued for premium collected for Savings Bank Account-linked insurance products; the

clause in the terms and conditions of credit cards which stipulated that the terms and

conditions could be changed without notice is withdrawn; the misleading and ambiguous

statement on a bank’s website relating to offering of Portfolio Management Services is

withdrawn; the unfair practice of charging higher rate of interest on the original loan

when a top up loan is sanctioned on a higher rate of interest is discontinued etc.

A profile of the complaints received is set out in Annex III.

Way Ahead

BCSBI would continue its efforts to ensure that the provisions of the two Codes, viz Code

of Bank’s Commitment to Customers and Code of Bank’s Commitment to Micro and

Small Enterprises are implemented by member banks in letter and spirit. In keeping

with the thrust on financial inclusion, BCSBI would focus greater attention on the

implementation of the commitment made by banks towards providing basic banking

facilities in urban and semi-urban areas. With the increasing number of new member

banks, BCSBI would have to devote more attention for dissemination of Codes and training

of staff of new member banks. Creating public awareness at non-metro centres on the

rights of customers vis-a-vis their banks, is also on the anvil.

BCSBI would also need to focus attention on implementation by banks of the MSE Code

and take steps to create awareness among micro and small enterprises so that they can

have access to bank finance in their day-to-day operations and in times of financial

difficulty.

Expansion of the network of Credit Counselling Centres to other metros so as to effectively

counsel bank borrowers who are in a debt trap at centres other than Mumbai is also

being planned.

Most importantly, BCSBI is reviewing its funding pattern so as to enable the institution

to take its initial step towards becoming self sustaining on the way ahead.

Acknowledgements

The BCSBI is thankful to RBI, IBA and the member banks for their support and

cooperation. In particular we are grateful to Central Bank of India, Dena Bank and Bank

of Maharashtra for the logistic support provided by them in the BCSBI’s efforts to increase

public awareness.


01 AB Bank Ltd.02 Allahabad Bank03 Andhra Bank04 Axis Bank Ltd.05 Bank of America06 Bank of Baroda07 Bank of Ceylon08 Bank of India09 Bank of Maharashtra10 Bank of Nova Scotia11 Barclays Bank P L C12 BNP Paribas13 Canara Bank14 Central Bank of India15 Citibank N A16 City Union Bank Ltd.17 Corporation Bank18 Credit Agricole Corporate and

Investment Bank19 DBS Bank Ltd.20 Dena Bank21 Deutsche Bank22 Development Credit Bank Ltd.23 HDFC Bank Ltd.24 ICICI Bank Ltd.25 IDBI Bank Ltd.26 Indian Bank27 Indian Overseas Bank28 Indusind Bank Ltd.29 ING Vysya Bank Ltd.30 J P Morgan Chase Bank N A31 Karnataka Bank Ltd.32 Kotak Mahindra Bank Ltd.33 Krung Thai Bank P C L34 Mashreq Bank Psc35 Oman International Bank S.A.O.G.36 Oriental Bank of Commerce37 Punjab National Bank38 SBI Commercial &

International Bank Ltd.39 Shinhan Bank40 Societe Generale41 Sonali Bank42 Standard Chartered Bank43 State Bank of Bikaner and Jaipur44 State Bank of Hyderabad45 State Bank of India46 State Bank of Indore47 State Bank of Mauritius

Annex I

BCSBI members

48 State Bank of Mysore

49 State Bank of Patiala

50 State Bank of Travancore

51 Syndicate Bank

52 Tamilnad Mercantile Bank Ltd.

53 The Bank of Rajasthan Ltd.

54 The Catholic Syrian Bank Ltd.

55 The Dhanlaxmi Bank Ltd.

56 The Federal Bank Ltd.

57 The Hongkong and

Shanghai Banking Corporation Ltd.

58 The Jammu and Kashmir Bank Ltd.

59 The Karur Vysya Bank Ltd.

60 The Lakshmi Vilas Bank Ltd.

61 The Nainital Bank Ltd.

62 The Ratnakar Bank Ltd.

63 The Royal Bank of Scotland N.V.

64 The South Indian Bank Ltd.

65 UCO Bank

66 Union Bank of India

67 United Bank of India

68 Vijaya Bank

69 Yes Bank Ltd.

Scheduled Urban Co-operative Banks

01 Nagar Urban Co-operative Bank Ltd.

02 Nagpur Nagarik Sahakari Bank Ltd

03 Nutan Nagarik Sahakari Bank Ltd.

04 Thane Bharat Sahakari Bank Ltd.

05 The Bharat Co-operative Bank (Mumbai) Ltd

06 The Cosmos Co-operative Bank Ltd.

07 The Karad Urban Co-operative Bank Ltd

08 The Saraswat Co-operative Bank Ltd

Regional Rural Banks

01 Allahabad U P Gramin Bank

02 Andhra Pragathi Grameena Bank

03 Baroda Uttar Pradesh Gramin Bank

04 Chaitanya Godavari Gramin Bank

05 Deccan Grameena Bank

06 Himachal Gramin Bank

07 Karnataka Vikas Grameena Bank

08 Kashi Gomti Samyut Gramin Bank

09 Maharashtra Gramin Bank

10 Pandyan Grama Bank

11 Prathama Bank

12 Purvanchal Gramin Bank

13 Sarva U P Gramin Bank

14 Saurashtra Gramin Bank

S. No. Name of the Bank

Scheduled Commercial banksScheduled Commercial banks

S. No. Name of the Bank

9

Annex II

Banks which have registered for membership of the BCSBI

S. No. Name of the BankS. No. Name of the Bank

01 American Express Banking Corporation

02 Aryavart Gramin Bank

03 Bihar Kshetriya Gramin Bank

04 Citizen Credit Co-operative Bank Ltd.

05 Gurgaon Gramin Bank

06 Jaipur Thar Gramin Bank

07 Jammu & Kashmir Gramin Bank

08 Jhabua-Dhar Kshetriya Gramin Bank

09 Jharkhand Gramin Bank

10 Krishna Grameena Bank

11 Madhya Bharat Gramin Bank

10

12 Narmada Malwa Gramin Bank

13 Puduvai Bharathiar Grama Bank

14 Rajasthan Gramin Bank

15 Rushikulya Gramya Bank

16 Sharda Gramin Bank

17 Shreyas Gramin Bank

18 South Malabar Gramin Bank

19 Surguja Kshetriya Gramin Bank

20 The Shamrao Vithal Co-operativeBank Ltd.

21 Vananchal Gramin Bank

22 Wainganga Krishna Gramin Bank

Sr. No. Nature of complaints 2008-09 2009-10

01 Deposit accounts 111 162

02 Credit/Debit Cards 205 211

03 Pension 7 7

04 Tariff Schedule & Service Charges 18 41

05 Cheque Collection/Clearing Cycle 21 30

06 Foreign Exchange Services 4 8

07 ATM related 5 49

08 Compensation Policy — 3

09 Do-not-call (unsolicited telemarketing) — —

10 Loans & Advances- Collection of dues- Security Repossession 132 161

11 Grievance Redressal mechanism 21 12

12 Miscellaneous 47 66

Total 571 750

Annex III

Profile of Complaints


Statement of Accountsfor the year

2009-10


LOONKER & CO. 8-Dhun Mahal, Garden RoadChartered Accountants Colaba, Mumbai 400 039

Tel : 2282 5580; 2285 6740

Mobile: 93246 14750.

12

Auditors’ Report

We have audited the Balance Sheet of Banking Codes and Standards Board of India as at 31st

March 2010 and the Income and Expenditure account for the year ended on that date annexed

thereto. These financial statements are the responsibility of the trustees of the Board. Our

responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India.

Those standards require that we plan and perform the audit to obtain reasonable assurance

about whether the financial statements are free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the financial

statements. An audit also includes assessing the accounting principles used and significant

estimates made by management, as well as evaluating the overall financial statement

presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

i) We have obtained all the information and explanations, which to the best of our knowledge

and belief were necessary for the purpose of the audit.

ii) In our opinion, proper books of account as required by the law have been kept by the

Trust so far as it appears from our examination of such books.

iii) The Balance Sheet and Income & Expenditure Account dealt with by this report are in

agreement with the books of account.

iv) In our opinion and to the best of our information and according to the explanations

given to us, the said accounts give a true and fair view in conformity with the accounting

principles generally accepted in India:-

- in the case of Balance Sheet of the state of affairs of the above named trust as at 31st

March 2010 and

- in the case of Income & Expenditure Account of the surplus for the accounting year

ended on that date.

For M/s. Loonker & Co.Chartered Accountants

Place : Mumbai Sd/-Date: May 5, 2010 (S. C. Loonker)

Partner(Membership No:10135)


As per our report of even date

Sd/-

(K.J. Udeshi) M/s.Loonker & Co.

Chairman Chartered Accountants

Sd/- Sd/-

(B M Mittal) Partner

Chief Executive Officer Auditors


Place: Mumbai Place: Mumbai

Date: May 5, 2010 Date: May 5, 2010

BANKING CODES AND STANDARDS BOARD OF INDIA

Balance Sheet as on March 31, 2010

13

As onMarch 31,

2009

PROPERTY & ASSETS As onMarch 31,

2010

( As per Schedule VIII of Bombay Public Trusts Act, 1950) (Amount in Rupees)

As onMarch 31,

2010

As onMarch 31,

2009

FUNDS AND LIABILITES

Trust Funds or Corpus

77,067,000 Balance as per last Balance Sheet 77,067,000

Add: Contribution received duringthe year 10,717,000 87,784,000

Other earmarked funds

— Public Awareness Fund

8,285,669 Balance as per last Balance Sheet 8,285,669

Add: Tfd. From Income & Exp. A/c 7,656,396 15,942,065

— Loans (Secured or unsecured) —

Liabilities-

152,451 For advances from RBI 86,957

85,505,120 Total 103,813,022

— Immovable properties —Investments-

35,839,604 Govt.securities (cost)-Annex-I 35,835,312

— Furniture and fixtures —

— Loans (Secured or unsecured) —

Advances -

To others-

12,640 - Trade Mark 12,640

217,560 - Tax Deducted at Source 130,172

1,500 - Deposit (MTNL) 2,000

8,053 - Premium on GOI Securities 10,128 154,940

Income Outstanding -

3,151,055 - Interest 4,740,810

Cash and Bank Balances-

46,273,268 - In current account or fixeddeposit account- Annex II 63,081,220

1,440 - Stamps 740 63,081,960

85,505,120 Total 103,813,022


( As per Part III - Schedule VIII of Bombay Public Trusts Act, 1950) (Amount in Rupees)

Date and year Kind of investments Full description such as name of the Face Value Cost Rate of Remarksof preparation company, distinctive Nos. of shares interest

and certificates, type of shares, etc. borne byDate of redemption or repayment investments

1 2 3 4 5 6 7At the (i) Shares —beginning of (ii) Bonds and Debentures —the year (as on (iii) Deposits —April 1, 2009) (iv) Others —

(v) Public Securities a) 7.37% GOI Securities 2014 14,500,000 14,118,650 7.37%b) 8.07% GOI Securities 2017 1,480,000 1,480,000 8.07%c) 7.49% GOI Securities 2017 12,000,000 11,470,414 7.49%d) 7.99% GOI Securities 2017 2,800,000 2,800,000 7.99%e) 7.59% GOI Securities 2016 2,500,000 2,466,248 7.59%f) 8.24% GOI Securities 2017 3,500,000 3,500,000 8.24%

36,780,000 35,835,312Increaseduring the year(2009-10) —Decreaseduring the year(2009-10) —

Total at the end of the year (as on March 31, 2010) 36,780,000 35,835,312


Schedule of Investments belonging to the Trust as on March 31. 2010

Annex-I

Annex-II

As on Bank Accounts As onMarch 31, 2009 March 31, 2010

In Savings Account 1,030,638 - ICICI Bank 4,601,214

In Current Account 123,031 - Central Bank of India 54,986

In Fixed Deposits 4,200,000 - HDFC Bank 5,300,000 - Kotak Mahindra Bank 5,000,000 - Axis Bank 3,775,000 - Citibank 4,330,169 7,100,000 - ICICI Bank 8,050,000 7,500,000 - IDBI Bank — 3,598,453 - Karnataka Bank 1,522,879 2,921,146 - Karur Vysya Bank 7,844,223 5,725,000 - Yes Bank 6,015,000

- City Union Bank 10,000,000 - Laxmi Vilas Bank 7,392,749 - State Bank of Mysore 4,900,000 - UCO Bank 4,470,000 - Vijaya Bank 3,900,000[All accounts in the name of Banking Codes and Standards Board of India]

46,273,268 63,081,220


Annexure to Balance Sheet as on March 31, 2010

(Amount in Rupees)

As per our report of even dateSd/-(K.J. Udeshi) M/s. Loonker & Co.Chairman Chartered Accountants

Sd/- Sd/-(B M Mittal) PartnerChief Executive Officer AuditorsBanking Codes and Standards Board of India

Place: Mumbai Place: MumbaiDate: May 5, 2010 Date: May 5, 2010

14



Sd/-



Sd/- Sd/-(B M Mittal) Partner






Income and Expenditure Account for the year ended March 31,2009

[As per Schedule IX of Bombay Public Trusts Act, 1950] (Amount in Rupees)

Yearended

March 31,2009

EXPENDITURE Yearended

March 31,2010

— To expenditure in respect of properties

— To establishment expenses —

— To remuneration to trustees —

— Legal expenses —

— Audit fees —

— To contribution and fees —

To amount written off

929 - Preimum on Govt. Sec. 2,217

— To Miscellaneous expenses —

— To Depreciation —

To Amounts transferred to Reserve

4,984,796 - Public Awareness Fund 7,656,396

— To Expenditure on objects of the Trust —

— To surplus carried over to Balance Sheet —

4,985,725 Total 7,658,613

Yearended

March 31,2009

Yearended

March 31,2010

— By Rent —

By Interest

2,759,527 - On securities 2,788,756

2,224,528 - On bank account 4,857,779

-On income tax refund 12,078 7,658,613

— By Dividend —

— By Donations in cash or kind —

— By Grants —

1,670 By Income from other sources —

— By Transfer from Reserve —

— By Deficit carried over to Balance Sheet —

4,985,725 Total 7,658,613

INCOME

15


Notes forming part of accounts for the year ended 31 March 2010

1. The financial statements are prepared on accrual basis.

2. Expenses Borne by Reserve Bank of India

The Income and Expenditure Account does not show any expenses since all the expenses

have been borne by the Reserve Bank of India. The Reserve Bank has agreed to extend

financial support to the Board by way of meeting its full expenses for the first five years of

operation and providing furnished Office accommodation & Office equipments, etc. free

of cost at the Reserve Bank of India Building, Bandra Kurla Complex, Mumbai-400 051.

3. Advance for Expenses from Reserve Bank of India

Out of the amount advanced by Reserve Bank of India for meeting minor expenses, the

unspent closing balance of Rs. 86,957/- is shown as advance from Reserve Bank of India

on the liability side in Balance Sheet as against Rs.152,451 at the beginning of the year.

4. Corpus Fund

During the first five years of operation, the Board would build up its Corpus from

registration and membership fees so that when the RBI funding is phased out, the Board

would become self-financing. The member banks have also desired that the entire

contribution made by them in the form of registration fees and membership fees be credited

to the Corpus of the Banking Codes and Standards Board of India. Therefore, the

registration fees and the membership fees are credited to the Corpus Fund, during the

first five years of operation.

5. Public Awareness Fund

The Board has transferred Rs. 76,56,396/- to the Public Awareness Fund to be spent for

this purpose within the next five years.

6. Previous Year’s figures

The corresponding figures for the previous year are re-grouped / re-classified, wherever

necessary.


Sd/-



Sd/- Sd/-

(B M Mittal) Partner





16

Documents

Annual Report 09-10 (OPTION2) Report/AR09-10.pdf · 2013-11-05 · ANNUAL REPORT OF THE BANKING CODES AND STANDARDS BOARD OF INDIA (BCSBI) 2009-10 The year 2009-10 has witnessed a