Date : 27 January, 2009

Salary Savings Accounts Option of Banks

Please refer to my circular dated 31 December, 2008.

Considering that Syndicate Bank has their branch near some of our Plant Sites, and based
on offer recently received from them, we would like to add Syndicate Bank as a 5th
option for all our supervisory employees for maintaining their salary savings bank
account.

Consequently, effective January, 2009 all supervisory employees will have an option of
maintaining their salary savings bank accounts with any one of the following 5 banks :-

1. ICICI Bank Ltd

2. HDFC Bank Ltd

3. State Bank of India

4. Bank of Baroda

5. Syndicate Bank

The terms of the offer received from Syndicate Bank is enclosed for your reference.

Please contact your HR co-ordinator for assistance.

V V Bhat

Date : 31 December,2008

Salary Savings Accounts Option of Banks

Effective 1 January, 2009 all supervisory employees will have an option of maintaining
their salary savings bank accounts with any one of the following 4 banks :-

1. ICICI Bank Ltd

2. HDFC Bank Ltd

3. State Bank of India

4. Bank of Baroda

While we already have the option of ICICI Bank Ltd and HDFC Bank Ltd at most our
office locations / manufacturing sites, the other two banks i.e. State Bank of India and
Bank of Baroda are being newly inducted in the common panel of Banks for the purpose
of maintaining salary savings accounts.

The terms of the offer received from SBI and BOB are enclosed for your reference.

Any new employee can open and existing employee can maintain his/her salary savings
bank account with any one of the above 4 banks.

All supervisory employees who are currently not having their current salary savings bank
account with any one of the abovementioned banks are requested to open account with
any one of them. This will facilitate transfer of salary to their accounts directly and on
time.

As currently done, an existing employee or a new employee desirous of opening a salary

savings account should approach his/her HR co-ordinator for necessary introduction.
Once the new account is opened the same should be updated in ESS -> Payroll-> Bank
information. Due care should be taken while entering your bank account number as a
small error may lead to your salary being transferred to a wrong account.

Should you require any assistance please contact your HR co-ordinator.

V V Bhat