Catholic Syrian Bank Limited ion

8/9/2019 Catholic Syrian Bank Limited ion

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SYRIAN CATHOLIC BANK

Syrian Bank Limited is a private sectorbankfounded on November 26, 1920inThrissurcity ofKerala. Thebankis headquartered in Thrissur, Kerala. The

bank commenced business on January 1st, 1921 with an authorised capital of

Rs 5 lakhs and a paid up capital of Rs 45,270. Catholic Syrian Bank has 316

branches, over 125 ATMs, and a net profit of Rs 36.56 crore in 2007-08 on

revenues of Rs 5,960 crore. Catholic Syrian Bank has a strong presence in

Cathol rural India and around 80% of the banks branches are located in the

semi-urban and rural areas of India.

The genesis of Indian Banking is associated to a large extent with Swadeshi

Movement, which inspired many Indians to promote Swadeshi Banks in the

beginning of the 20th Century. The enterprising founders of Catholic Syrian

Bank Ltd also found this period an opportune moment to promote the

establishment of a bank. Thus was born The Catholic Syrian Bank Ltd , Eight

decades ago, on 26th November 1920 to be exact at Thrissur,which in later

years acquired the unique distinction of being a centre with the highestconcentration of banks in the South. The founder directors of the bank were

people of eminence known for their foresight, integrity and initiative.

. The policy they laid down has been consistently upheld by the successive

generations who guided the destiny of the institution. The bank commenced

business on January 1st, 1921 with an authorised capital of Rs.5 lakhs and a

paid up capital of Rs. 45270/-

During the first two decades of its functioning, the Bank concentrated only in

Kerala. Banks and credit institutions which proliferated especially in Kerala

received a jolt and many of them came to their doom following the crash of

the Travancore National Quilon Bank in 1938 followed by Palai Central Bank


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in1960. During the period many small banks came to the verge of collapse

shaking the confidence of the public and what followed was a process of

consolidation. The strategy of mergers and amalgamations of small banks

with bigger banks brought the number of banks within controllable limits,thereby making the industry's base strong. In 1964-65, The Catholic Syrian

Bank Ltd took part in taking over the liabilities and assets of five

small/medium sized banks in Kerala. The expansion programme initiated

during these years gathered momentum in the subsequent years.

In August 1969, the Bank was included in the Second Schedule to the Reserve

Bank of India Act 1934. In 1975, the Bank attained the status of "A" Class

Scheduled Bank when its total Deposits crossed Rs.25 crores. The necessity of

imparting training to staff looked very important and a modest beginning was

therefore, made in setting up a Training College in 1975. In the same year the

Bank entered the field of foreign Exchange. At a very early stage, the Bank

recognised mechanisation as an effective tool of management and streamlined

its accounting procedures by introduction of Data processing system. From

November 1975, reconciliation of inter-branch accounts was mechanised by

using IBM Data processing machines.

The decade of the seventies saw the evolution of a new culture in Indian

Banking. Nationalisation of banks imposed "Social Control" and imparted

new ethos to commercial banking . What followed was a massive expansion

of bank branches with a distinct thrust on remote rural belts. Special schemes

were formulated to cater to the diverse credit needs of small scale industries,

road transport operators, agriculturists,and other self employed entrepreneurs.

The Catholic Syrian Bank Ltd did not lag behind in taking up the challenge

and more than 75% of its clientele belong to small and economically weaker

strata of Society. The Bank has a strong rural base with around 80% of the


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branches in rural and semiurban areas.

Investments in money market and capital market instruments are being

expanded and steps are being taken to have an in house equity research wingso as to face the challenges of the future. The Bank has also geared up its

machinery to increase its market share of corporate finance in the days to

come.

The real inner strength of a growing organisation lies in its staff resources.

The Bank has been singularly fortunate all these years in creating an

environment in which the employees at all levels could play their role.

Their contribution to the growth of this institution has been invaluable. The

Bank has a very dynamic team on its Board of Directors who are guiding the

destiny of the Bank leading to growth and prosperity.

At present, the bank has a network of363 branches and 1 extension

counter which includes NRI/SSI/Industrial Finance and Service branches.

The Bank also plans to open more number of branches in a phased manner.

Products & Services Advances VIP Car Loan

Eligibility

For Individuals /Groups

having funded limits not less than Rs.25 lakh

having Term Deposits of not less than Rs.25 lakh with the Bank for acquiringvehicles for personal use.

Quantum of Finance


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100% of Invoice Value excluding Insurance, registration, road tax etc.,

Equated monthly instalment for Rs. 1 Lakh

EMI for 3 Years - Rs.3430/-

EMI for 4 Years - Rs.2745/-

EMI for 5Years - Rs.2340/-

Rate of Interest

13.75%

Security

Hypothecation of the Vehicle.

Guarantee

One person with good means.

LIFE INSURANCEWe are acting as Corporate Agent of the leading Life Insurance Company, M

Birla Sun Life Insurance Company Ltd. Gist of few of their unit linked lifeinsurance schemes marketed by us are furnished hereunder.

A unit linked life insurance plan

Premium paying period - minimum 3 years


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Death benefit - Higher of SA or Policy Fund

Minimum sum assured - Rs.200000/-

Six investment fund options

Tax benefits under section 80C & 10(10D) of income tax act.

SIMPLYLIFE

A unit linked life insurance plan

10 year regular premium pay.

Annualised premium - Minimum Rs.10,000/- and Maximum Rs.1,00,000/-

Sum assured 5 times the Annual Life Insurance Premium.

Minimum age at entry 8 Yrs- Maximum age at entry -50 Yrs

No medical check ups for the target group- including NRIs from approved countrie


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Two fund options

Tax benefits under section 80C & 10(10D) of Income Tax Act.

3)SupremeLife

A unique unit linked Insurance policy for the higher income group.

Dual death benefits- Sum assured+ Fund value

In-built Accidental TPD upto Rs. 50 lakhs.

Six investment fund options

Tax benefits under section 80C & 10(10D) of Income Tax Act.

4.ChildrensDreamPlan*@

Designed to provide financial security to children when they become an adult

Guaranteed maturity benefits

Dual Death Benefit: On Death basic sum assured + Enhanced sum assured will bepaid to the nominee


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Tax benefits under Sec. 80C and Sec.10 (10D)*

Term: Maximum 18 years less the age of child at entry

Surrender Benefits: Increasing Surrender values with no penalty after 3 years.

Three fund options with different equity exposures and option to switch anytime

GENERALINSURANCE

We are acting as Corporate Agent of the leading General Insurance Company, M/s. ThNew India Assurance Company Ltd. Gist of unique personal insurance schemes launchby us in association with them are furnished hereunder

Low premium Mediclaim Insurance Policy

Built in accidental death cover

Issued on floater basis.

Cashless settlement at major hospitals


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Four Plans- Sum Insured Rs.50,000/- to Rs.5,00,000/-

Income Tax benefits upto Rs.10,000/- u/s 80D of I.T. Act

Travel Support Scheme

Unique Travel Insurance Scheme

Ideal for Pilgrims, tourists& travelling public

Nominal premium of Rs.50/-.

Personal accident cover of Rs.100000/-

Reimbursement of hospitalization expenses upto Rs.100000/- (due to road acciden

CSB Tax Savings Support

Download Application Form

As per Finance Act 2006, deposits made with banks, in terms of Central

Government notification (No.203/2006 dated 28.07.2006) are eligible for


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deduction under Section 80 C for income tax purpose. The scheme has been

short titled as Bank Term Deposit Scheme 2006. Accordingly, we have

renamed the deposit scheme as CSB Tax Savings Support.

The salient features of which are mentioned below:

1. Title and types of deposit

Deposits can be made as ordinary fixed or reinvestment deposits under the

following schemes:

(a) CSB Tax Savings Support - Income.

(b) CSB Tax Savings Support - Growth.

2. Eligibility

The deposits can be opened by:

(a) Individuals either singly or jointly.(b) Hindu undivided family.

The single deposits shall be accepted from an individual for himself or in the

capacity of the Karta of the Hindu undivided family.

The joint deposits shall be accepted from two adults or from an adult and a

minor jointly, and payable to either of the holders or to the survivor. *

* In the case of joint deposit, the deduction from income under section 80C of

the Act will be available only to the first holder of the deposit.


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3. Amount of Investment

The amount of investment shall be Rupees one hundred or multiples thereof,

subject to a maximum of Rupees one lakh in a financial year.

4. Period of Deposit

Deposit shall be for a period of five years.

5. Rate of interest

(a) The rate of interest will be the rate applicable for domestic term deposits

fixed by the bank from time to time.

(a) The interest will be paid either in lump sum at the time of maturity or

every quarter/ month (at discounted rate) as per the request.

(b) Senior Citizen will be eligible for additional interest fixed by the bank

from time to time.

6. Nomination

(a) Nomination can be made by the single holder or the joint holders, as the

case may be, in favour of any one individual.

(b) Nomination can be made any time before the date of maturity of the

deposit, i.e either on the date of deposit or during the tenor of deposit.

(c) Nomination shall not be accepted in respect of a deposit applied/accepted

for and held by or on behalf of a minor.

7. Encashment on maturity

The deposit can be encashed only after five years and no premature


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withdrawal is allowed and shall not be pledged to secure loan or as security to

any other asset.

8. Pledging of term deposit

The deposits under the scheme shall not be pledged to secure loan or as

security to any other asset.

9. Income tax

(a) Interest on this term deposits will be liable to tax under the Act, on the

basis of annual accrual or receipt depending upon the simple interest or

compound interest scheme and tax on such interest will be deducted as usual.

(b) The tax on such interest shall be deducted in accordance with the

provisions of section 194A or section 195 of the Act.

The amount invested in the scheme is eligible for tax exemption u/s 80C upto

a limit of Rs.1,00,000/- (One Lakhs Only) in a financial year.

Products & Services Deposits Fixed Deposit

Minimum amount for opening account is Rs.100/- Accounts may beopened in odd sums.

Deposits are accepted for periods of 7 days and above and even for aperiod where terminal quarter or month is incomplete.

Interest is paid at quarterly or longer rests at the full value of interest.Thesame is paid monthly at the discounted value of interest.


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Features

The maximum period for which term deposits are accepted is 10 years.

Exceptions

Deposits accepted under Court orders.

Deposits in the names of minors for protection of minor's interest. In caseof minors, accounts can be opened.

In the single name of the minor under guardinship, the deposit being

repayable to him/her.

In the single name of the minor under guardianship, the deposit beingrepayable to the guardian.

In the name of the minor, jointly with the guardian, the deposit beingrepayable to them jointly / former or survivor /either or survivor.

Products & Services Deposits Family Welfare

Reinvestment deposit scheme. Interest accrues both on the principal andthe interest thereon.

Minimum amount for opening the account is Rs.100/- Accounts may alsobe opened in odd sums.

Deposits are accepted for a minimum period of six months for periods inmultiples of three months or in incomplete quarters.

Features

The maximum period for which term deposits are accepted is 10 years.


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Exceptions

Deposits accepted under Court orders.

Deposits in the names of minors for protection of minor's interest.

In case of minors, accounts can be opened in the single name of the minorunder guardianship, the deposit being repayable to him/her.

In the single name of the minor under guardianship, the deposit beingrepayable to the guardian.

In the name of the minor, jointly with the guardian, the deposit beingrepayable to them jointly /former or survivor/either or survivor.

Products & Services Deposits CSB Students Support Savings Scheme

CSB...Students Support Savings Scheme

A savings bank account with the following features.

Eligibility: Students of recognized/reputed Schools/Colleges/ ProfessionalCourse Entrance Coaching Centres including Professional Colleges, fromStandard IX onwards upto Final Year of Diploma/ Graduation/PostGraduation.

Introduction: By the Head of the Educational Institution where the student ispursuing his/her studies or by any properly introduced existing customer. Ithe account is opened with the introduction of a person other than the Head o

the Institution, satisfactory proof to the effect that the applicant is a student,such as copy of the fee receipt, certificate from the educational institution etcshould be produced.

Initial Remittance and Minimum Balance: The accounts can be opened andoperated on Zero balance basis and there will be no stipulation regarding


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minimum balance.Cheque Books and ATM CardsATM Cards/Global SupportCards will be issued to account holders under this scheme, wherever feasible,free of cost. However, no cheque books will be issued, irrespective of whetherATM card/ Global Support Card has been issued or not.

Products & Services Advances Casy Mithra

CASY MITHRA - A PERSONAL LOAN SCHEME FOR

INDIVIDUALS

Purpose of Advance :

For any legally permitted purpose

Amount of Advance

Minimum Rs. 0.50 lakh

Maximum Rs. 25.00 lakh

Salaried Persons24 times of net monthly income of the applicant (In case the spouse of the

applicant stands as guarantor, his/her net income also can be added forarriving at the quantum of loan)

Others2 times of the annual taxable income of the loan.

Security

For loan amount upto and inclusive of Rs. 10.00 lakh: House plot/primecommercial plot, with or without building keeping 40% margin

For loan amount above Rs. 10.00 lakh Residential property/primecommercial Property, with building keeping 40 % Margin.

Guarantee


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Personal guarantee of spouse of the applicant

Rate of interest Rs 25,000/-to Rs 2 Lakh

25

T.P.L Scheme >Rs 2

Lakhs to Rs 3Lakhs

75

Medi Cash >Rs 3 Lakhsto Rs 5 lakhs

125

Profession Plus >Rs 5 lakhs toRs 10 lakhs

175

CSB WomenSupport

>Rs 10 lakhsto Rs 25 lakhs

250

LMV-UnderGeneralScheme,VIP Car LoanScheme


500


750

>Rs 75 lakhsto Rs 1 Crore

1000

> Rs 1Crore 2000

Housing Loan 0.50 % of the

Loan amount

Rs.500/= Additional Service

Charge Rs.100/-perLakh


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Kanakasree Nil Rs. 10000 upto

Rs.1Lakh

= Rs.100/=

Rs.1Lakh upto

Rs.10 Lakh

= Rs.300/=

Above Rs. 10 Lakh

=Rs.500/=

Appraisal fee- 0.25

% of the loanamount.Service charge-Rs.25 pertransaction

CSB Car Loan 1.00 % ofthe loan

amount.Rs.250.00

>Rs. 10000 uptoRs.1Lakh

= Rs.100/=

Rs. 1Lakh upto Rs.10

Lakh

= Rs.300/=

Above Rs. 10 Lakh

= Rs.500/=

(Rs.)

Upto Rs

25000

10

>Rs 25,000/-to Rs 2Lakhs

25

>Rs 2Lakhs to Rs 3Lakhs

75

>Rs 3 Lakhsto Rs 5 lakhs

125

>Rs 5lakhs to Rs10 lakhs

175


250


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>Rs 25 lakhsto Rs 50lakhs

500

>Rs 50 lakhs

to Rs 75 lakhs

750

>Rs 75 lakhsto Rs 1 Crore

1000

>Rs 1Crore 2000

(Rs.)

Education Loan Presently Nil >Rs. 10000 uptoRs.1Lakh

= Rs.100/=

Rs.1 Lakh upto

Rs.10

Lakh

= Rs.300/=

Above Rs. 10

Lakh

=Rs.500/=

Upto Rs 25000 10>Rs 25,000/- toRs 2 Lakhs

25

>Rs 2 Lakhs toRs 3 Lakhs

75

>Rs 3 Lakhs toRs 5 lakhs

125

>Rs 5 lakhs to

Rs 10 lakhs

175

>Rs 10 lakhs toRs 25 lakhs

250

>Rs 25 lakh toRs 50 lakhs

500

>Rs 50 lakhs toRs 75 lakhs

750

>Rs 75 lakh toRs 1 Crore 1000

> Rs 1 Crore 2000

Gold Loan Presently Nil Presently Nil Stationery chargeRs.10 + service tax


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Prepayment Charges Applicable to all term loans @ 1% of the balance outstanding/DP whichever ishigher.

No due Certificate Presently Nil


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Solvency Certificate

Upto Rs.1.00 lakh Rs. 500.00Above Rs.1.00 lakh upto Rs.25.00lakhs

Rs.2500.00

Above Rs.25.00 lakhs uptoRs.50.00 lakhs

Rs.5,000.00

Above Rs. 50.00 lakhs Rs.10,000.00

Charges for late payment of EMI Penal interest @ 1%, for the overdueamount, for the overdue period.

Charges for changing from fixedto floating rates of interest

Existing Housing loans is allowed toconvert to new floating rates applicable,

by charging an upfront fee of 1% on thebalance outstanding in the loan account.

Charges for changing from floatto fixed rates of interest

Presently Nil

At present we are issuing only Debit Cards

ATM CardsMembership fee N.A

Annual Fee N.A

Renewal Charges N.A

Late Payment Charges N.AInterest Charges N.A

Replacement charges N.ATransaction Charge for Partner

banksN.A

Transaction Charge for Non-Partner banks

N.A

Credit Card N.A


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Membership fee N.A

Annual Fee N.ARenewal Charges N.A

Late Payment Charges N.A

Interest Charges N.AReplacement charges N.ACash withdrawal N.A


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- 10 -

Debit Card N.A

Membership fee Presently Nil

Balance Enquiry Free at our own ATMs and Rs.25at shared ATMs

Renewal Charges Not charged for the present

Penalty for no minimum balance Rs.25 for each cash withdrawal.

Replacement charge Rs.100

Duplicate Pins Rs.50Cash withdrawal Free at our own ATMs and Rs.50

at shared ATMs

Annual Fee Presently NilLate Payment Fee Presently Nil

MISCELLANEOUSBalance enquiry Presently Nil

Balance Certificate Presently Nil

Interest Certificate Presently Nil

Account closure Presently NilUse of Fax/Telephone/Modem Presently Nil

Photo attestation Presently Nil

Signature attestation Presently Nil

Stop Payment Charges Rs.20.00 per chequeInoperative account SB a/c - Rs.50/- per account p.a

CD a/c - Rs.150/- per account p.a.

Ledger Folio Charges :CD Accounts :- Per ledger page Rs.125/-

p. a

Advance Accounts : - Per ledger page Rs.150/-p. a

Service Charges for Advance accounts:-


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Upto Rs.25000 Rs.10.00

Above Rs 25000 to Rs 2lakhs

Rs. 25.00

Above Rs 2 lakhs to Rs 3

lakhs

Rs. 75.00

Above Rs 3 lakhs to Rs 5lakhs

Rs.125.00


Rs.175.00


Rs. 250.00

Above Rs 25 lakhs to Rs 50

lakhs

Rs. 500.00


Rs. 750.00

Above Rs 75 lakhs to Rs 1crore

Rs1000.00

Above Rs 1crore

Rs 1500.00

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Collection of Bills ( Both inward / outward ):Up to Rs 500/- Rs.25.00Rs 501/- to Rs 1000/- Rs.30.00

Rs 1001/- to Rs 5000/- Rs.35.00

Rs 5001/- to Rs 10000/- Rs.50.00Above Rs 10000/- Rs.6.00/ 1000

Actual postage should be collected

extraFor Bills received from other banksonly 50% of the stipulated usualrate for collection of Bills shall becharged provided the bill amountexceeds Rs.10000/-


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Charges for issue of MT (Rs.)Up to Rs 500/- Rs.10.00

Rs 501/- to Rs 1000/- Rs.15.00Rs 1001/- to Rs 5000/- Rs.20.00Rs 5001/- to Rs 10000/- Rs.30.00

Above Rs 10000/- upto 1.00lakh

Rs. 2.50 / 1000 with mini. ofRs.30.00

Above Rs 1.00 lakh Rs.2.00/ 1000 with mini. ofRs.250/- & max. of Rs.5000/-

For sale of MTs over Rs.10000/-

against tender of cash 10% of theCommission extra.

CD account Minimum Balance (Rs.):Metro Urban Semi Urban Rural

Rs,5000 Rs,3000 Rs, 2000 Rs.500

Charges for non maintenance thereof:-

Metro Urban Semi Urban RuralRs,200 Rs,200 Rs, 200 Rs.100

Issue of Duplicate Term Deposit

Receipt

Rs.25.00 per receipt + Cost ofstamp paper for indemnity bond.


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(Amountin Rupees)

Locker Rent:- Metro Urban Rural/SemiUrban

Small 600 400 300

Medium 700 600 500

Large 1000 800 750

- 12 -(Amount in

Rupees)

LockerCaution

Deposit:-

Metro Urban Rural/SemiUrban

Small 9100 6100 4550

Medium 10300 9100 7600

Large 15200 12200 11400

Note: In addition to the above service tax at the rate of 12% & education cesthe rate of 2% of the service tax will be applicable to all service charstated above.

BANKING OMBUDSMAN SCHEME - 2006

A.INTRODUCTION:1.What does the Banking Ombudsman Scheme, 2006 offer?


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The Banking Ombudsman Scheme, 2006 enables resolution of complaints

of bank customers relating to certain services rendered by banks.

2.Has the Banking Ombudsman Scheme come into effect?The Scheme has come into force from January 1, 2006.

3.Who is a Banking Ombudsman?The Banking Ombudsman is person appointed by the Reserve Bank of

India to redress customer complaints against certain deficiency in banking

services.

4.Does the Banking Ombudsman have any legal power?The Banking Ombudsman is a quasi judicial authority. It has power to

summon both the parties - bank and its customer, to facilitate resolution

of complaint through mediation.

5.How many Banking Ombudsmen have been appointed and where arethey located?

As on date, 15 Banking Ombudsmen have been appointed with their offices

located mostly in the State Capitals. The addresses of the Banking

Ombudsman offices have been provided in the RBI website.

6.Which banks are covered under the Banking Ombudsman Scheme,2006?All Scheduled Commercial Banks, Regional Rural Banks and Scheduled

Primary Co-operative Banks are covered under the Scheme.


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7.How is the new Banking Ombudsman Scheme, 2006 different from theOld Banking Ombudsman Scheme, 2002?

The extent and scope of the new Scheme is wider than the earlierScheme of 2002. The new Scheme also provides for online submission

of complaints. The new Scheme additionally provides for the institution

of an 'appellate authority' for providing scope for appeal against an

award passed by the Ombudsman both by the bank as well as the

complainant.


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B. TYPES OF COMPLAINTS BEFORE BANKING

OMBUDSMAN

8.What sort of disputes can the Banking Ombudsman consider?The Banking Ombudsman can receive and consider any

complaint relating to the following deficiency in banking

services: non-payment or inordinate delay in the payment or

collection of cheques, drafts, bills, etc.; non-acceptance, without

sufficient cause, of small denomination notes tendered for any

purpose, and for charging of commission for this service; non-

acceptance, without sufficient cause, of coins tendered and for

charging of commission for this service; non-payment or delay

in payment of inward remittances ; failure to issue or delay in

issue, of drafts, pay orders or bankers cheques; non-adherence

to prescribed working hours; failure to honour guarantee or

letter of credit commitments ; failure to provide or delay in

providing a banking facility (other than loans and advances)

promised in writing by a bank or its direct selling agents;


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delays, non-credit of proceeds to parties' accounts, non-payment

of deposit or non-observance of the Reserve Bank directives, if

any, applicable to rate of interest on deposits in any savings,

current or other account maintained with a bank ; delays in

receipt of export proceeds, handling of export bills, collection of

bills etc., for exporters provided the said complaints pertain to

the bank's operations in India; refusal to open deposit accounts

without any valid reason for refusal; levying of charges without

adequate prior notice to the customer; non-adherence by the

bank or its subsidiaries to the instructions of Reserve Bank on

ATM/debit card operations or credit card operations; non-

disbursement or delay in disbursement of pension to the extent

the grievance can be attributed to the action on the part of the

bank concerned, (but not with regard to its employees); refusal

to accept or delay in accepting payment towards taxes, as

required by Reserve Bank/Government; refusal to issue or delay

in issuing, or failure to service or delay in servicing or

redemption of Government securities; forced closure of deposit


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accounts without due notice or without sufficient reason; refusal

to close or delay in closing the accounts; non-adherence to the

fair practices code as adopted by the bank; and any other matter

relating to the violation of the directives issued by the Reserve

Bank in relation to banking or other services.

9.Will the Banking Ombudsman consider complaints of Non-Resident Indians?

Yes, the Banking Ombudsman will consider complaints from

Non-Resident Indians having accounts in India in relation to

their remittances from abroad, deposits and other bank-related

matters.


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C. APPLYING TO BANKING OMBUDSMAN

10. When can the complainant file his complaint?He can file his complaint before the Banking Ombudsman if the

reply is not received from the bank within a period of one

month, after the bank concerned has received his representation,

or the bank rejects the complaint, or the complainant is not

satisfied with the reply given to him by the bank.

11. Does the complainant have to fulfill any conditionsbefore complaining to the Banking Ombudsman?

For filing a complaint before the Banking Ombudsman, it is

essential for a complainant to first attempt to find a satisfactory

solution directly with his bank by making a written

representation to the bank named in the complaint. The

complaint should, however, be made before expiry of period of

one year after the cause of action has arisen.


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12. Can a complaint be made before a BankingOmbudsman on the same subject matter settled through

pervious proceedings before any of the BankingOmbudsmen?

No. The complaint should not be for the same subject matter

that was settled through the office of the Banking Ombudsman

in any previous proceedings.

13. Can a complaint be made before a BankingOmbudsman on the same subject matter for which any

proceedings before any court, tribunal or arbitrator or anyother forum is pending or a decree or award or a final order,has already been passed by any such competent court,tribunal, arbitrator or forum?

No.

14. Is there any procedure for filing the complaint beforethe Banking Ombudsman?

A complainant can file a complaint with the BankingOmbudsman simply by writing on a plain paper. He can also

file it online at www.bankingombudsman.rbi.org.in or by

sending an email to the Banking Ombudsman. There is also a

prescribed form for filing a complaint, which is available

with all the branches of the banks. However, it is not

necessary to use this format. The complainant should,

however, incorporate all the required information.

15. Can a complaint be filed by an authorizedrepresentative of the complainant?


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Yes. The complainant can be filed by an authorized

representative (other than an advocate) of the complainant.

16. Is there any cost involved in filing complaints withBanking Ombudsman?

No. The Banking Ombudsman does not charge any fee for

resolving customers complaints.

17. What details are required in the application?The complaint should have the name and address of the

complainant, the name and address of the branch or office of the

bank against which the complaint is made, facts giving rise to

the complaint supported by documents, if any, the nature and

extent of the loss caused to the complainant, the relief sought

from the Banking Ombudsman and a declaration about the

compliance of conditions which are required to be complied

with by the complainant.


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D. PROCEEDINGS BEFORE THE BANKING

OMBUDSMAN

18. What happens when a complaint is received by theBanking Ombudsman?

The Banking Ombudsman endeavours to promote, through

conciliation or mediation, a settlement of the complaint by

agreement between the complaint and the bank named in the

complaint.

19. What happens if the bank makes an offer to settle?If the terms of settlement (offered by the bank) are acceptable to

the complainant in full and final settlement of his complaint, the

Banking Ombudsman will pass an order as per the terms of

settlement which becomes binding on the bank and the

complainant.

20. What happens if the complaint is not settled byagreement?

If a complaint is not settled by an agreement within a period of

one month, the Banking Ombudsman proceeds further to pass


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an award. Before passing an award, the Banking Ombudsman

provides reasonable opportunity to the complainant and the

bank, to present their case.

21. What will the Banking Ombudsman consider forpassing an award?

For passing an award, the Banking Ombudsman is guided by the

documentary evidence placed before him by the parties, the

principles of banking law and practice, directions, instructions

and guidelines issued by the Reserve Bank of India and such

other factors, which in his opinion are necessary in the interest

of justice.

E. AWARD GIVEN BY BANKING OMBUDSMAN

22. What happens when the Banking Ombudsman passesan award?

After an award is passed, its copy is sent to the complainant and

the bank named in the complaint. It is open to the complainant


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to accept the award in full and final settlement of his complaint

or to reject it.

23. What is to be done by the complainant if the award isacceptable to him?

If the award is acceptable to the complainant, he is required to

send to the bank concerned, a letter of acceptance of the award

in full and final settlement of his complaint, within a period of

15 days from the date of receipt of the copy of the award by

him.

24.

Can a complainant seek extension of time for sendinghis letter of acceptance of the award?Yes, a complainant can make a written request to the Banking

Ombudsman, for extension of time with the reasons for seeking

such extension.

25. What does Banking Ombudsman do on receipt ofrequest from a complainant for seeking extension of time forsending his letter of acceptance of the award?


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If the Banking Ombudsman is satisfied with the reasons stated

by the complainant in his letter of request for extension of time

(for sending his letter of acceptance of the award), he may grant

extension of time up to further period of 15 days for such

compliance.


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26. What happens if the complainant sends a letter ofacceptance of the award in full and final settlement of his

claim?If the bank is satisfied with the award, within a period of one

month (from the date of receipt of letter of acceptance from the

complainant of the award in full and final settlement of his

claim in the matter), the bank is required to comply with the

award and intimate the compliance to the Banking Ombudsman.

27. Is there any further recourse available to thecomplainant, if he rejects the Banking Ombudsmans award?

If the complainant is not satisfied with the award passed by the

Banking Ombudsman, he can approach the appellate authority

against the Banking Ombudsmens decision.

28. Does the rejection of an award by the complainant alsobar any recourse and remedy available to him in respect of

his grievances, before court, forum or any other authority asper law in force?


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The rejection of an award by the complainant does not affect

any other recourse and/or remedies available to him as per the

law.

29. What if the Award is not acceptable to the bank?The bank has the option to file an appeal before the appellate

authority under the scheme.

F. APPEAL AGAINST THE AWARD

30. Who is the appellate authority?The appellate authority is the Deputy Governor in the Reserve

Bank of India.

31. Is there any time limit for filing an appeal?Either party aggrieved by the award may, within 30 days of the

date of receipt of the award, appeal against the award before the

appellate authority. The appellate authority may, if he is

satisfied that the applicant had sufficient cause for not making


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an application for appeal within time, also allow a further period

not exceeding 30 days.

The banks can appeal only with the prior sanction of their

Chairman or, in his absence, the Managing Director or the

Executive Director or the Chief Executive Officer or any other

officer of equal rank.

32. How does the appellate authority deal with the appeal?The appellate authority may

i. dismiss the appeal; orii. allow the appeal and set aside the award; oriii. send the matter to the Banking Ombudsman for fresh

disposal in accordance with such directions as theappellate authority may consider necessary orproper; or

iv. modify the award and pass such directions as may benecessary to give effect to the modified award; or

v. pass any other order as it may deem fit.


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G. OTHERS

33. Is it open to the Banking Ombudsman to reject a complaint atany stage?

Yes. The Banking Ombudsman may reject a complaint at any stage if it

appears to him that a complaint made to him is:

i. frivolous, vexatious, malafide or without any sufficient causeor

ii. that it is not pursued by the complainant with reasonablediligence or

iii. in the opinion of Banking Ombudsman there is no loss ordamage or inconvenience caused to the complainant or

iv. beyond the pecuniary jurisdiction of Banking Ombudsman orv. in the opinion of the Banking Ombudsman the complicated

nature of the complaint requires consideration of elaborate

documentary and oral evidence and the proceedings beforehim are not appropriate for adjudication of such complaint.

34. By which scheme the pending complaints filed (before cominginto operation of the New Scheme of 2006) would be governed?

The adjudication of pending complaints and execution of the awards

(already passed before coming into operation of the Banking

Ombudsman Scheme 2006), will continue to be governed by the

provisions of the earlier Banking Ombudsman Schemes, 1995 and 2002.


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35. What is the role of the Reserve Bank in relation to the scheme?The Banking Ombudsman Scheme has been formulated by the Reserve

Bank of India to provide an expeditious grievance redressal mechanism

to customers of banks. It provides for an institutional and legal

framework for resolution of complaints relating to banking services and

other matters as specified under the Scheme. The Scheme has been

brought into force by way of direction issued by the Reserve Bank in

terms of Section 35A of the Banking Regulation Act, 1949. The

Reserve Bank will also appoint its serving senior officials as the

Banking Ombudsman and will also fully fund it for better effectiveness.

36. When was the Banking Ombudsman Scheme introduced?The Banking Ombudsman Scheme was first introduced in 1995 and was

revised in 2002. Over the past five years, around 36,000 complaints

have been dealt by the Banking Ombudsmen


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.


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FEDERAL-CATHOLIC SYRIAN BANK MERGER IN FINAL LAP

The merger of the two Kerala-based private sector banks, Federal Bankand Catholic Syrian Bank (CSB), has now entered the final lap.

Although the CSBs board did not take any decision on the merger at ameeting held On Monday, sources at the bank said that the merger is likelyto take shape after the Parliamentary polls are over.

The board meeting did not discuss the item, but a vast majority of themembers are in favour of this (the merger), said a source.

He added that the decks were cleared for a merger after the protests of theThrissur Archdiocese of the Catholic Church had been assuaged to a verylarge extent.

The church had been opposing the move, saying that the regional identityof the bank would be lost due to the proposed merger.

In particular, the Archbishop of the Thrissur Archdiocese Mar AndrewsThazhath had vehemently opposed the merger. All the political parties had

also supported the churchs views as it has a big hold among theelectorates of the central districts of Kerala.

But both the entities opposition weakened after it was pointed out thatthe Federal Bank is also a Kerala-based bank, said an official.

Earlier, the Catholic Church even mooted a proposal to purchase the sharesowned by Surachan Chansri Chawla, a Bangkok-based Indian businessmanwho holds a 23 per cent stake in CSB, in order to have more say in the

bank.

But the church was not in a position to raise the huge amounts of moneyrequired to purchase the shares. So, according to sources, it is now almostcertain that the merger of the two banks will become a reality in the nearfuture. You will have to wait till after the polls to get a clear picture as the


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new ruling front at the Center will have to give its consent for the mergerto be a smooth process, said a source.

Meanwhile, it has been reliably learnt that the Federal Bank has decided to

proceed with the merger as this would be beneficial for the growth of thebank.

The bank had earlier taken over Ganesh Bank of Kurundwad and is nowconsidered to be one of the top old-generation private sector banks of thecountry.

CATHOLIC SYRIAN BANK GETS 3 NEW BOARD MEMBERS,

MOVES CLOSER TO MERGER WITH FEDERAL BANK

A CSB board member informed that the new board was unanimously infavour of a merger with Federal Bank

Kochi: Three new members were elected to the board of Kerala-baseCatholic Syrian Bank (CSB) on Friday at the banks annual general bodymeeting. The new additions gain significance in light of almost year-longattempts to merge CSB with Kerala-based Federal Bank.

K.A. Menon, George Sebastian and George Chemmanur, whose termsended Friday, have been replaced by Iype Peter, Samir Bhasin and T.S.Anantharaman.

Iype Peter, a former Federal Bank employee who was elected to the CSBboard last year had quit in January, paving the way for S.Santhanakrishnan, who quit the Federal Bank board, to join the CSB boardand hasten the merger process. Federal Bank currently holds a 4.99% stakein CSB.

A CSB board member said on condition of anonymity that the new boardwas unanimously in favour of a merger with Federal Bank. However, the

proposal would have to officially come from the Federal Bank. With thenew board at CSB now all in favour of a merger, Federal may nowconsider hastening things, he added.


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CSB has also formed a three-member board committee to conduct duediligence and that the process was ongoing, he added. M. Venugopalan,managing director of Federal Bank, had earlier said that his bank was opento having a say in the affairs of CSB keeping in mind the possible `cultural

synergy of two Kerala-based banks


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Federal Bank buys 5 pct in Catholic Syrian Bank

MUMBAI (Reuters) - India's Federal Bank has bought 5 percent shares ofunlisted Catholic Syrian Bank (CSB) and is in the process of winning thesupport of CSB shareholders for a full-fledged takeover, a newspaperreported on Sunday.

Federal Bank is said to have acquired shares of the bank, based in southernIndia, at 250-300 rupees ($5.93) a share, the Economic Times said.

The Federal Bank management has entered into an understanding with the

Chawla family, the single largest shareholder group in CSB, and may buyit out at a later stage, the newspaper said quoting an unnamed senior bankofficial.

Federal Bank has been looking for an acquisition and was recently in talkswith another private bank, the report said.

The paper quoted a CSB spokesperson as saying that nobody hadapproached the bank about a share transfer.

Shares in Federal Bank closed down 1.9 percent at 200.50 rupees


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Documents

Catholic Syrian Bank Limited ion