We have audited the accompanying Standalone Financial Statements of National Bank for Agriculture and Rural Development

REGD. No. D. L.-33004/99 The Gazette of India EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 575] NEW DELHI, WEDNESDAY, AUGUST 20, 2025/SHRAVANA 29, 1947 CG-DL-E-03092025-265901 5549 GI/2025 (1) NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT NOTIFICATION New Delhi, the 23rd July 2025 Report On The Audit of the Standalone Financial Statements No. NB.Secy/62952/2025-26 OPINION We have audited the accompanying Standalone Financial Statements of National Bank for Agriculture and Rural Development (‘the Bank’ or ‘NABARD’), which comprise the Balance Sheet as at March 31, 2025, Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (‘Standalone Financial Statements’). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements are full and fair financial statements containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2025, profits and its cash flows for the year ended on that date and give the information in conformity with National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984 and the Accounting Standards notified by the Institute of Chartered Accountants of India (‘ICAI’) and accounting principles generally accepted in India. BASIS OF OPINION We conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the ICAI. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. Those Standards require that we comply with ethical requirements. We are independent of the Bank in accordance with the Code of Ethics issued by ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion. KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the year. These matters were addressed in the context of our audit of the Standalone Financial Statements, as a whole, and in forming our opinion thereon, we do not provide a separate opinion on the key audit matters. In our professional judgement, we have decided the following to be the key audit matter to be communicated in our report: Key Audit Matter | How our audit addressed the key audit matter 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## **NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT** **NOTIFICATION** **New Delhi, the 23rd July 2025** **Report On The Audit of the Standalone Financial Statements** **No. NB.Secy/62952/2025-26** **OPINION** We have audited the accompanying Standalone Financial Statements of National Bank for Agriculture and Rural Development (‘the Bank’ or ‘NABARD’), which comprise the Balance Sheet as at March 31, 2025, Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (‘Standalone Financial Statements’). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements are full and fair financial statements containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2025, profits and its cash flows for the year ended on that date and give the information in conformity with National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984 and the Accounting Standards notified by the Institute of Chartered Accountants of India (‘ICAI’) and accounting principles generally accepted in India. **BASIS OF OPINION** We conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the ICAI. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. Those Standards require that we comply with ethical requirements. We are independent of the Bank in accordance with the Code of Ethics issued by ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion. **KEY AUDIT MATTERS** Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the year. These matters were addressed in the context of our audit of the Standalone Financial Statements, as a whole, and in forming our opinion thereon, we do not provide a separate opinion on the key audit matters. In our professional judgement, we have decided the following to be the key audit matter to be communicated in our report: | Key Audit Matter | How our audit addressed the key audit matter | | 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## Title: NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT ## Notification: **Report On The Audit of the Standalone Financial Statements** **No. NB.Secy/62952/2025-26** **OPINION** We have audited the accompanying Standalone Financial Statements of National Bank for Agriculture and Rural Development (‘the Bank’ or ‘NABARD’), which comprise the Balance Sheet as at March 31, 2025, Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (‘Standalone Financial Statements’). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements are full and fair financial statements containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2025, profits and its cash flows for the year ended on that date and give the information in conformity with National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984 and the Accounting Standards notified by the Institute of Chartered Accountants of India (‘ICAI’) and accounting principles generally accepted in India. **BASIS OF OPINION** We conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the ICAI. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. Those Standards require that we comply with ethical requirements. We are independent of the Bank in accordance with the Code of Ethics issued by ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion. **KEY AUDIT MATTERS** Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the year. These matters were addressed in the context of our audit of the Standalone Financial Statements, as a whole, and in forming our opinion thereon, we do not provide a separate opinion on the key audit matters. In our professional judgement, we have decided the following to be the key audit matter to be communicated in our report: | Key Audit Matter | How our audit addressed the key audit matter | | :---------------------------------------------------------------- | 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## NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT **NOTIFICATION** **New Delhi, the 23rd July 2025** **Report On The Audit of the Standalone Financial Statements** **No. NB. NB. Secy/62952/2025-26.** **1. Opinion** We have audited the accompanying Standalone Financial Statements of National Bank for Agriculture and Rural Development (‘the Bank’ or ‘NABARD’), which comprise the Balance Sheet as at March 31, 2025, Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (‘Standalone Financial Statements’). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements are full and fair financial statements containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2025, profits and its cash flows for the year ended on that date and give the information in conformity with National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984 and the Accounting Standards notified by the Institute of Chartered Accountants of India (‘ICAI’) and accounting principles generally accepted in India. **2. Basis of Opinion** We conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the ICAI. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. Those Standards require that we comply with ethical requirements. We are independent of the Bank in accordance with the Code of Ethics issued by ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion. **3. Key Audit Matters** Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the year. These matters were addressed in the context of our audit of the Standalone Financial Statements, as a whole, and in forming our opinion thereon, we do not provide a separate opinion on the key audit matters. In our professional judgement, we have decided the following to be the key audit matter to be communicated in our report: | Key Audit Matter | How our audit addressed the key audit matter | | 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