It is my privilege to place before you the Annual Report of your bank for the financial year 2019-20. In the month of March this year, just as the bank was poised to post a record increase in profits & growth, India was hit by the COVID-19 pandemic resulting in a country wide lockdown. The lockdown has caused unimaginable misery to all but unfortunately the worst affected are the economically weaker sections of the society that your bank serves. The Reserve Bank of India announced a loan repayment moratorium to be implemented for all borrowers by all banks. Guardian Bank went a step further and offered an interest rebate to all borrowers of 50% of interest charged during the lockdown period. To the best of our knowledge, no other bank in India has offered such an interest waiver to its borrowers.

Meanwhile after much perseverance, we have received the No Objection Certificate from the Registrar of Cooperative Societies, Karnataka which now clears the path for making our application to the Reserve Bank of India for transition into a Small Finance Bank.

The lockdowns are now coming to an end but fear the economic challenges they have caused will continue to manifest in the months and years to come. During this difficult period you can rest assured that your bank will be that solid rock that you can turn to for support in this storm. We will work for the continued success of Guardian Bank despite these uncertain times, confident in always receiving the support of the community and the grace of God.

Collin Timms

Chairman Guardian Bank