RBI/2004/163
Ref.DBS.ARS.No.BC. 10 / 08.92.001/ 2003-04

April 20, 2004

CONFIDENTIAL

The Managing Director, Associate Banks of SBI

Dear Sir,

Appointment of Statutory Central Auditors of Associate Banks of SBI - Payment of fees for certifying data for the preparation of CFS of SBI Group

Please refer to our circular DBS.ARS.No.BC.7/08.92.001/2003-04 dated March 17, 2004 advising the revised schedule of audit fees and other related remuneration payable to the statutory central / branch auditors of public sector banks from the year 2003-04.

2. We advise that, in addition to what has been prescribed therein, the statutory central auditors of the 7 associate banks of State Bank of India may be paid an amount of Rs.50,000/- collectively for certification of data for compilation of Consolidated Financial Statements (CFS) of the SBI Group.

3. Please acknowledge receipt.

Yours faithfully,

(R M Thakkar)

General Manager