Popular Articles About Ing Vysya Bank in 2012

8/2/2019 Popular Articles About Ing Vysya Bank in 2012

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Popular Articles About Ing Vysya Bank in 2012

ING Vysya Bank posts 44% growth in net profitJanuary 17, 2012 | Gayatri Nayak , ET Bureau

Bangalore based ING Vysya Bank recorded a 44% growth in net profit for the quarter ended December 2011 on a

sharp increase in income from higher lending. Net profits rose to Rs. 119.5 crores compared to Rs. 83.0 crores

reported in the corresponding quarter of the previous year. The Net Interest Margins or NIM increased to 3.49% in Q3

FY12 from 3.10% in Q3 FY11. The gross non-performing assets or NPA ratio and net NPA ratio were at

2.01% and 0.31% respectively as at 31 December 2011 compared to 2.66% and 0.64% respectively as at

31 December 2010.

Financial planning: Q&AMarch 22, 2012

By VN Kulkarni Chief counsellor, Abhay Credit Counselling Centre - A Bank of India-backed initiative Term Deposit &

TDS A term deposit account with SBI was opened and the maturity value was shown as X. At the end of the term, the

amount paid by the bank should have been X minus the TDS. There was a shortfall of a few hundred rupees. When

questioned, the bank maintained that since they had paid income tax every year during the tenure

of the deposit, the bank was out of funds to that extent hence the maturity value stands reduced

to that extent.

Banks raise FD rates in year-end pushMarch 21, 2012 | TNN

MUMBAI: Year-end demand for funds is forcing banks to increase fixed deposit rates even as bankers talk about cost

of funds heading down. Bank of Baroda (BoB) and ING Vysya Bank have increased FD rates while other private

banks are offering over 10% on certificate of deposit schemes. BoB has increased returns on most maturities of up to

one year by 25 basis points. It has left long-term rates unchanged. ING Vysya Bank, too, has increased short-term

deposit...

ING Vysya hikes short-term deposit rate by 0.25 per centMarch 20, 2012 | PTI

NEW DELHI: ING Vysya Bank today said it has hiked its short-term deposit rates by 0.25 per cent to 10 per cent to

promote its Active Deposit Scheme. "The bank will now offer 10 per cent special rate to deposit holders (for 366 days)

as against 9.75 per cent earlier, to promote its successful Active Deposit Scheme," it said in press release. The

customers will get higher returns under the Active Deposit Scheme, linked to their normal savings or current account.
http://articles.economictimes.indiatimes.com/2012-01-17/news/30635908_1_growth-in-net-profit-ing-vysya-bank-gross-non-performing-assetshttp://articles.economictimes.indiatimes.com/2012-03-22/news/31224920_1_nhb-home-loan-rates-term-deposithttp://articles.economictimes.indiatimes.com/2012-03-21/news/31220241_1_fd-rates-deposit-rates-basis-pointshttp://articles.economictimes.indiatimes.com/2012-03-20/news/31214829_1_cent-short-term-deposit-ing-vysya-bankhttp://articles.economictimes.indiatimes.com/2012-03-20/news/31214829_1_cent-short-term-deposit-ing-vysya-bankhttp://articles.economictimes.indiatimes.com/2012-03-21/news/31220241_1_fd-rates-deposit-rates-basis-pointshttp://articles.economictimes.indiatimes.com/2012-03-22/news/31224920_1_nhb-home-loan-rates-term-deposithttp://articles.economictimes.indiatimes.com/2012-01-17/news/30635908_1_growth-in-net-profit-ing-vysya-bank-gross-non-performing-assets


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Stock pick of the week: ING Vysya BankMarch 19, 2012 | Narendra Nathan , ET Bureau

It is natural for analysts to concentrate on banks that can contain the expected asset quality deterioration in the

sector. ING Vysya Bank improved its gross non-performing assets (NPA) to 2.01% and net NPA to 0.31% in the third

quarter of 2011-12 from 2.66% and 0.64%, last year. There was no meaningful restructuring during the quarter, total

restructured book is placed at 1.3% of the advances, and a similar trend is expected to follow. With the slowing

pace of NPA accretion, the bank's credit cost is expected to fall. It continues to maintain high provision

coverage ratio of 85%, one of the best in the industry. It can boast of a high capital adequacy ratio of

14.08%.

Bankers like Amitabh Chaturvedi, Murali Natrajan failed to change old mind set of

banks like Dhanlaxmi, Developement Credit bankFebruary 22, 2012 | Anita Bhoir , ET Bureau More than a decade ago, the Ruias ofEssar Grouprealised how difficult it was to have their way in acommunity bank. Today, some ambitious bankers who cut their teeth in the wonderland of modern

finance are learning the same lessons.

The exit of Amitabh Chaturvedi as chief executive of Dhanlaxmi Bank, just after three years amid the din

thrown up by trade unions and the board, could well be a warning sign for those aspirants from big

multinational banks who think they could make it big in small banks.

Our goal is to grow faster than the system: Jayant Mehrotra, INGVysya BankJanuary 17, 2012 | ET Now

Jayant Mehrotra , CFO, ING Vysya Bank , in an interview with ET Now, speaks about the bank's growth in the quarter

gone by and the likely scenario in the future. Excerpts:- ET Now: For the quarter gone by you have managed to clock

a growth rate of about 22% plus. What we have been maintaining for the last few quarters is that we will be

growing faster than system but with quality. So we are not saying whether we will grow 22% or 25%.

What we have consistently maintained is that we will grow faster than system. If the system grows

between 15% to 18%, we feel that we should be able to grow in the region of about 22% to 23%.

ING Vysya Bank gets new head for consumer assets

January 9, 2012 | PTI

Mumbai: Private lender ING Vysya Bank today appointed Sanjay Shukla as the head for consumerassets and sales. Prior to his appointment, Shukla was associated with Tata Capital Housing

Finance as business head. He has experience for over two decades and has worked with Citi, HDFCand LIC Housing Finance . ING Vysa has over two million customers across 527 branches.
http://articles.economictimes.indiatimes.com/2012-03-19/news/31210575_1_ing-vysya-bank-basis-points-asset-qualityhttp://economictimes.indiatimes.com/topic/Essar%20Grouphttp://economictimes.indiatimes.com/topic/Essar%20Grouphttp://economictimes.indiatimes.com/topic/Essar%20Grouphttp://articles.economictimes.indiatimes.com/2012-01-17/news/30635909_1_provision-coverage-ratio-npashttp://articles.economictimes.indiatimes.com/2012-01-17/news/30635909_1_provision-coverage-ratio-npashttp://articles.economictimes.indiatimes.com/2012-01-09/news/30607329_1_ing-vysya-bank-business-head-citihttp://articles.economictimes.indiatimes.com/2012-01-09/news/30607329_1_ing-vysya-bank-business-head-citihttp://articles.economictimes.indiatimes.com/2012-01-17/news/30635909_1_provision-coverage-ratio-npashttp://articles.economictimes.indiatimes.com/2012-01-17/news/30635909_1_provision-coverage-ratio-npashttp://economictimes.indiatimes.com/topic/Essar%20Grouphttp://articles.economictimes.indiatimes.com/2012-03-19/news/31210575_1_ing-vysya-bank-basis-points-asset-quality


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IMPORTANT POLICIES

1. Policy on Collection of Cheques/Instruments

Introduction

This Cheque Collection Policy of the Bank is a reflection of our on-going efforts to provide

better service to our customers and set higher standards for performance. The policy is based

on principles of transparency and fairness in the treatment of customers. The bank is

committed to increased use of technology to provide quick collection services to its

customers. This policy document covers the following aspects:

a) Collection of cheques and other instruments payable locally, at centres within India and

abroad.

b) Our commitment regarding the time norms for collection of instruments.

c) Policy on payment of interest in cases where the bank fails to meet time norms for

realization of proceeds of outstation instruments.

d) Our policy on dealing with collection instruments lost in transit.

2.Arrangements for Collection:

2.a.Local Cheques

All cheques and other Negotiable Instruments payable locally would be presented through the

clearing system prevailing at the centre. Cheques deposited at branch counters and in cheque

drop boxes within the branch premises before the specified cut-off time will be presented for

clearing on the same day. Cheques deposited after the cut-off time and in cheque drop boxes

outside the branch premises including off-site ATMs will be presented in the next clearingcycle. After clearing settlement, the bank would credit the proceeds of cheque settled to the

customer account. Cheques deposited before the cut-off time on Day 0 will be credited to the

customers account at the end of the Day 1. Withdrawal of amounts so credited would be

permitted as per the cheque return schedule of the clearinghouse and or on receipt and

accounting of the returned cheques.

Bank branches situated at centres where no clearing house exists, would present local cheques

on drawee banks across the counter and it would be the bank's endeavour to credit the

proceeds at the earliest.

2.a.iSpeed Clearing

Outstation cheques drawn on banks participating in speed clearing at specified locations

will be collected and treated at par with local cheques. All terms and conditions applicable

for local clearing instruments will also apply to speed clearing.

2.b.Outstation Cheques

Cheques drawn on other banks at outstation centres other than those covered under 2.a.i


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above, will normally be collected through bank's branches at those centres. Where the bank

does not have a branch of its own, the instrument would be directly sent for collection to the

drawee bank or collected through a correspondent bank.

Cheques drawn on the banks branches at outstation centers will be processed at the branch

where the same are deposited and credit will be provided on the same day.

2.c.Cheques payable in Foreign Countries

The services of correspondent banks will be utilized in country/centres where the

correspondent has presence. Cheques drawn on foreign banks at centres where the bank or its

correspondents do not have direct presence will be sent direct to the drawee bank with

instructions to credit proceeds to the respective Nostro Account of the bank maintained with

one of the correspondent banks.

2.d.Immediate Credit of Local / Outstation Cheques / Instruments:

Branches / extension counters of the bank will consider providing immediate credit for

outstation cheques / instruments (other than cheques where the drawer and payee are the

same person) drawn on locations where the bank has its own branches. The facility would also

be made available in respect of local cheques at centres where no formal clearing house exists.

Under this policy, prepaid instruments like DD, Interest/Dividend warrants shall be treated on

par with cheques. The facility of immediate credit would not be applicable to cheques

collected under speed clearing arrangements.

The facility would be offered to all individual accountholders at their base branch only (i.e.,

the branch in which the account is maintained) against the cheques tendered across the counter

or dropped in the cheque drop box located in the branch premises.

The facility of immediate credit will be offered on Savings Bank/Current/ Cash Credit

Accounts of the customers. For extending this facility there will not be any separatestipulation of minimum balance in the account.

The maximum credit that can be accorded under this facility to a customer at any given point

of time (single or multiple cheques/accounts) is Rs.15,000/- out of which up to an amount of

Rs.5,000/- immediate credit would be accorded without insisting for any specific request of

the customer.

For the amount where no request is insisted (maximum Rs.5,000/-), the account should be in

existence for at least 12 months with satisfactory conduct of the accounts which, for the

purpose of this policy shall include compliance to KYC/account opening formalities of the

bank, satisfactory operations, maintenance QAB prescribed for the product, non-return of

cheques issued and tendered for collection. Where a customer does not require immediatecredit he should specifically tick the Not required option available on reverse of the pay-inslip and affix his signature.

For credits where the specific request of the customers is required, the account should be in

existence for at least 6 months with satisfactory conduct of the accounts which, for the

purpose of this policy shall include compliance to KYC/account opening formalities of the

bank, satisfactory operations, maintenance QAB prescribed for the product, no frequent return

of cheques or return of cheques against which immediate credit was accorded on the previous

occasions and no overdues from the customer.


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This facility would not be provided for accounts in the names of minors, non-resident

accounts (NRO & NRE); salary accounts; accounts under the products Solo accountand

saral/no-frills. The facility would also be not applicable to cheques collected under speed

clearing arrangements.

In case the request could not be considered for any reason, the same would be informed to the

customer appropriately.

Commission/collection charges as applicable to cheques realized on collection basis would be

recovered from the customer.

In the event of dishonor of cheque against which immediate credit was provided, interest shall

be recoverable from the customer for the period the bank remained out of funds at the rate

applicable for clean overdraft limits.

2.d.i.Charging of Interest on cheques returned unpaid where Instant Credit was

given:

If a cheque sent for collection for which immediate credit was provided by the bank is

returned unpaid, the value of the cheque will be immediately debited to the account. Interest

where applicable would be charged at the clean overdraft rate on the notional overdrawn

balances in the account had credit not been given initially. Interest will not be charged from

the date of immediate credit till the date of return, had the customer not withdrawn the

funds.

If the proceeds of the cheque were credited to the Savings Bank Account and were not

withdrawn, the amount so credited will not qualify for payment of interest when the cheque

is returned unpaid. If proceeds were credited to an overdraft/loan account, interest shall be

recovered at the rate of 2% above the interest rate applicable to the clean overdraft/loan

from the date of credit to the date of reversal of the entry if the cheque/ instrument was

returned unpaid to the extent the bank was out of funds.In addition to interest, cheque return charges would be collected.

2.e.Purchase of local/outstation cheques

Bank may, at its discretion, purchase local/outstation cheque tendered for

collection at the specific request of the customer or as per prior arrangement.

Besides satisfactory conduct of account, the standing of the drawer of the

cheque will also be a factor considered while purchasing the cheque.

3. Time Frame for Collection of Local / Outstation Cheques / Instruments:For local cheques presented in clearing, credit will be afforded after clearing settlement i.e.,

cheques deposited before the cut-off time on Day 0 will be credited to the customers account

at the end of the Day 1. Withdrawal of amounts so credited would be permitted as per the

cheque return schedule of the clearinghouse and or on receipt and accounting of the returned

cheques.

For cheques and other instruments sent for collection to centres within the country the

following time norms shall be applied:


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a) Cheques drawn on four major Metro Centres (New Delhi, Mumbai, Kolkata

and Chennai), State Capitals (other than those of North Eastern States and Sikkim):

Maximum period of 7 working days.

b) Cheques drawn on Other Metro Centres and major cities : Maximum period of 10

working days,

c) Cheques drawn on all other Centres : Maximum period of 14 working days.

Cheques drawn on foreign countries: The bank is committed to ensuring

that instruments drawn in foreign currencies and payable outside India are collected in the

quickest and most efficient manner. Towards this the bank may enter into specific collection

arrangements with its correspondent banks in those countries for speedy collection of such

instrument(s). Bank would give credit to the party upon realisation of proceeds in the bank's

Nostro Account with the correspondent bank after taking into account cooling periods as

applicable to the countries concerned.

Country/location specific norms wherever stipulated will be specified for foreign currency

instruments and made known to the customers at the point in time of accepting instruments for

collection.

The above time norms are applicable irrespective of whether cheques/instruments are drawn

on the bank's own branches or branches of other banks.

3.a.Payment of Interest for delayed Collection of Outstation Cheques and Cheques

Payable outside India

As part of the compensation policy of the bank, the bank will pay interest to its

customer on the amount of collection instruments in case there is delay in giving credit

beyond the time period mentioned

above. Such interest shall be paid without any demand from customers in all

types of accounts. There shall be no distinction between instruments drawn onthe bank's own branches or on other banks for the purpose of payment of interest on delayed

collection. Further details on the payment of interest are covered in the Compensation Policy

of the bank.

4.Cheques / Instruments lost in transit / in clearing process or at paying bank's branch:

In the event a cheque or an instrument accepted for collection is lost in transit

or in the clearing process or at the paying bank's branch, the bank shall

immediately on coming to know of the loss, bring the same to the notice of the

accountholder so that the accountholder can inform the drawer to record stop

payment and also take care that cheques, if any, issued by him / her are not dishonoured due tonon-credit of the amount of the lost cheques / instruments. Wherever requested by the customer, the bank would

provide assistance to the customer to obtain a duplicate instrument

from the drawer of the cheque by providing necessary certificate on loss of the cheque.

In line with the compensation policy of the bank the bank will compensate the

accountholder in respect of instruments lost in transit. Further details on payment of the

compensation are covered in the Compensation Policy of the bank.


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5.Service Charge

For all collection services the bank will recover appropriate service charges as

decided by the bank from time to time and communicated to customer as indicated in the code

of banks commitment to customers adopted by the bank.

6.Force Majeure

The bank shall not be liable to compensate customers for delayed credit if

some unforeseen event (including but not limited to civil commotion, sabotage, lockout, strike

or other labour disturbances, accident, fires, natural disasters or other "Acts of God", war,

damage to the bank's facilities or of its correspondent bank(s), absence of the usual means of

communication or all types of transportation, etc beyond the control of the bank prevents it

from performing its obligations within the specified service delivery parameters.

2. COMPENSATION POLICY

Introduction

We are committed to our mission of providing quality service to our customers, service

quality being our paramount importance. However, in the event, for some reasons,

beyond our control or inadvertently, we are unable to meet the service levels committed

by us in our dealings with individual customers, this compensation policy will be

applicable.

The compensation policy of the bank is therefore designed to cover areas relating to

unauthorized debiting of account, payment of interest to customers for delayed collection

of cheque/ instruments, erroneous credit card charges, payment of cheque afteracknowledgement of stop payment instructions, delay or errors in remittances due to

reasons attributable to the Bank, foreign exchange services, etc.

The policy is based on principles of transparency and fairness in the treatment of

customers. The objective of this policy is to compensate the customer for direct and actual

financial loss that the customer may incur in cases which can be measured directly where

the bank does not meet the services levels committed by it due to reasons attributable to

the Bank to the extent as detailed in this policy. By ensuring that the customer is

compensated without having to ask for it, the bank expects instances of the customer

approaching the Banking Ombudsman or any other Forum for redressal to come down

significantly. The commitments under this policy are without prejudice to any right thatthe bank will have in defending its position before any forum/court/statutory or regulatory

authority.

1. Unauthorised / Erroneous Debit:

If the bank has raised an unauthorized/ erroneous direct debit to an account, the entry will

be reversed immediately on being informed in writing of the erroneous debit, after

verifying the position. In the event the unauthorized/erroneous debit has resulted in a


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reduction in the minimum balance applicable for payment of interest on savings bank

deposit or payment of additional interest to the bank in a loan account, the bank will

reverse such additional interest charged or any amount debited to the customers account

due to such insufficiency of balance on account of the unauthorized/erroneous debit.

In case verification of the entry reported to be erroneous by the customer does not involve

a third party, the bank shall arrange to complete the process of verification within a

maximum period of 7 working days from the date of reporting of erroneous debit in

writing by the customer to the Bank. In case, the verification involves a third party, the

bank shall complete the verification process within a maximum period of one month from

the date of reporting of erroneous transaction by the customer.

With regard to erroneous transaction reported by customers in respect of credit card

operations (which require reference to a merchant establishment) the bank shall provide

explanation along with necessary documentary evidence, if any, to the customer within a

maximum period of sixty days.

The compensation is to the extent of interest loss as explained above.

a) Debits due to frauds committed by the staff employed by the Bank directly or

indirectly will be compensated to the customer after establishing nature of

fraud irrespective of the amount.

b) In case of debits due to fraud committed by the customer or due to the

customers negligence, Bank shall not pay any amount till the issue is

decided.

c) In cases where neither the branch nor the customer is at fault, but the fault

lies elsewhere in the system, Bank would compensate the customer up to a

limit of Rupees ten thousand only.

The vigilance department of the Bank would be authorized entity to decide on the nature

of the fraudulent debit after a quick verification of the facts of the case. Erroneous debits

of category a & c above shall be reversed to customers accounts within 10 days from the

date of the customers claim.

2. ECS direct debits/other debits to accounts

The bank will undertake to carry out direct debit/ ECS debit instructions of customers in

time. In the event the bank fails to meet such commitments customer will be compensated

to the extent of interest loss and bank charges if any that the customer would incur onaccount of delay in carrying out the instruction/failure to carry the instructions.

The bank would debit the customers account with any applicable service charge as per

the schedule of charges notified by the bank. In the event the bank levies any charge in

violation of the arrangement, the bank will reverse the charges when pointed out by the

customer subject to scrutiny of agreed terms and conditions.


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Any consequential financial loss to the customer will also be compensated subject to a

maximum of Rs.5000/-

3. Credit Cards

Where it is established that the bank had issued and activated a credit card without written

consent of the recipient, the bank would not only reverse the charges debited to the

account of the customer immediately but also pay without demur to the recipient of the

card, a penalty being twice the value of charges reversed.

Operation of the credit card account shall be in accordance with the ING credit card terms

and conditions. In particular, the cardholder is responsible for all the transaction approved

on his/her credit card prior to report of the loss to the bank as per the ING credit card

terms and conditions. The bank reserves the right to honour, refer or decline any

transaction on the credit card, at its sole discretion and without assigning any reason

whatsoever. Transactions reported as erroneous by customer in respect credit card

operations, which requires specific reference to a merchant establishment will be handled

as per charge back rules laid down by VISA/MasterCard International. The bank will

provide explanation and if necessary, documentary evidence to the customer within a

maximum period of sixty days.

4. Payment of Cheques after Stop Payment Instructions:

In case a cheque has been paid after stop payment instruction is acknowledged by the

bank in writing, the bank shall reverse the transaction and give value-dated credit to

protect the interest of the customer. Such debits will be reversed within 2 working days of

the customer intimating the transaction to the bank.

In the event the customer suffers any financial loss on account of such Payment ofCheques after Stop Payment Instructions, the bank shall compensate the customer to the

extent of direct financial loss, if any, by way of loss of Savings account interest on

account of reduction in the minimum balance for payment of interest on savings bank

deposit or payment of additional interest to the bank in a loan account or any charges

levied for reason of balance falling below minimum balance requirement or any charges

levied for return of cheques due to shortfall in balance.

5. Foreign Exchange Services:

The Bank would not compensate the customer for delays in collection of cheques

designated in foreign currencies, sent to foreign countries as the bank would not be able toensure timely credit from overseas bank. It is the banks experience that time for

collection of instruments drawn on banks in foreign countries differ from country to

country and even within a country, from place to place. The time norms for return of

instruments cleared provisionally also vary from country to country. The Bank however,

would consider upfront credit against such instruments by purchasing the

cheque/instrument, provided the conduct of the account has been satisfactory in the past.

However, the bank will compensate the customer for undue delays in affording credit


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once proceeds are credited to the Nostro Account of the bank with its correspondent. Such

compensation will be given for delays beyond one week from the date of credit to Nostro

Account/due date after taking into account normal cooling period (as applicable to

respective countries) notified from time to time. The compensation will be worked out as

under:

a) Interest for the delay in crediting proceeds as indicated in the collection policy of

the bank. In case of extraordinary delay interest will be paid at the rate of 2% over

the corresponding term deposit rate.

b) Compensation for any loss on account of adverse movement in foreign exchange

rate during the delayed period

6. Payment of Interest for delayed Collection of Outstation Cheques

The compensation on account of delays by the Bank in collection of instruments would be

as indicated in the banks collection policy.

As part of the compensation policy of the bank, the bank will pay interest to its customer

on the amount of collection instruments in case there is delay in giving credit beyond the

time period mentioned in the cheque collection policy. Such interest shall be paid without

any demand from customers in all types of accounts. There shall be no distinction between

instruments drawn on the banks own branches or on other banks for the purpose of

payment of interest on delayed collection.

Interest for delayed collection shall be paid at the following rates:

a) Savings Bank rate for the period of delay beyond 7/10/14 days as the case may be

in collection of outstation cheques.

b) Where the delay is beyond 14 days interest will be paid at the rate applicable toterm deposit for the corresponding period or Saving Bank rate, whichever is

higher.

c) In case of extraordinary delay, i.e. delays exceeding 90 days interest will be paid at

the rate of 2% above the corresponding Term Deposit rate.

d) In the event the proceeds of cheque under collection were to be credited to an

overdraft/loan account of the customer, interest will be paid at the rate applicable

to the loan account. For extraordinary delays, interest will be paid at the rate of

2% above the rate applicable to the loan account.

e) Only reasonable additional verifiable expenses incurred by a customer in this

regard will be compensated.

It may be noted that interest payment as given above would be applicable only for

instruments sent for collection within India.

The banks compensation policy for financial loss suffered by the customers due to loss of

instrument after it has been handed over to the bank for collection by the customer would

also be as indicated in our collection policy. The same is extracted below for information:


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6.1 Cheques / Instruments lost in transit / in clearing process or at paying banks

branch:

In the event a cheque or an instrument accepted for collection is lost in transit or in the

clearing process or at the paying banks branch, the bank shall immediately on coming to

know of the loss, bring the same to the notice of the accountholder in writing so that the

accountholder can inform the drawer to record stop payment and also take care that

cheques, if any, issued by him / her are not dishonoured due to non-credit of the amount of

the lost cheques / instruments. The bank would provide all assistance to the customer to

obtain a duplicate instrument from the drawer of the cheque by providing necessary

certificate on loss of the cheque..

In line with the compensation policy of the bank, the bank will compensate the

accountholder in respect of instruments lost in transit in the following way:

a) In case intimation regarding loss of instrument is issued to the customer beyond

the time limit stipulated for collection (7/10/14 days as the case may be) interest

will be paid for the period exceeding the stipulated collection period, at the rates

specified under Para No. 6 above under Payment of Interest for delayed Collection

of Cheques.

b) In addition, bank will pay interest on the amount of the cheque for a further period

of 15 days at Savings Bank rate to provide for likely further delay in obtaining

duplicate cheque/instrument and collection thereof.

c) The bank would also reimburse the actual charges/fee paid by the customer to the

bank/ institution for obtaining the duplicate cheque/instrument upon production of

receipt.

Where a cheque is lost after it is discounted, the bank would bear reasonable cost forobtaining duplicate instrument. However, the customer will assist in obtaining duplicate

instrument. His liability under Negotiable Instrument Act will not be extinguished till

bank receives the proceeds of cheque.

7. Issue of Duplicate Demand Draft

1. The duplicate DD will be issued within 15 days from the day all necessary

documents are received by the issuing branch. However, for any reason if there is

delay in issuing duplicate DD, then the bank will compensate the purchaser for the

delay in the form of interest payment.

2. For the delay beyond the above stipulated period, interest at the rate applicable to

the term deposit for corresponding delayed period will be paid as compensation to

the customer. Such interest is payable only when the request for issue of duplicate

draft is received either from the purchaser or the beneficiary and not from the

holder of the instrument.


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3. Interest will be for the period at the rate prevailing on the date of submission of

complete documents.

8. Violation of the Code by banks agent

In the event of receipt of any complaint from the customer that the banks employees/

representative / courier agency / service provider or DSA has engaged in any improper

conduct or acted in violation of the Code of Banks Commitment to Customers wh ich the

bank has adopted voluntarily, the bank is committed to investigate the matter and

endeavor to communicate the findings to the customer within 7 working days from the

date of receipt of complaint and wherever justified, compensate the customer for direct

financial loss if any, as contemplated under this policy.

9. Transaction of at par instruments of Co-operative Banks by Commercial Banks

The RBI has expressed concern over the lack of transparency in the arrangement for

payment of at par instruments of co-operative banks by commercial banks resulting in

dishonour of such instruments when the remitter has already paid for the instruments. In

this connection it is clarified that the bank will not honour cheques drawn on current

accounts maintained by other banks with it unless arrangements are made for funding

cheques issued. Issuing bank should be responsible to compensate the cheque holder for

non payment/delayed payment of cheques in the absence of adequate funding

arrangement.

10. Lenders liability commitment to borrowers

1. We will return to customers all the securities / documents / title deeds to

mortgaged property within 15 days of repayment of all dues agreed to or

contracted. If any right to set off is to be exercised for any other claim, we willgive due notice with full particulars about the other claims and retain the securities

/ documents / title to mortgaged property till the relevant claim is settled / paid.

2. Where all the dues agreed to or contracted are repaid in full and where there are no

other claims against which the bank is not exercising the right to set off, for any

delay in return of securities / documents / title deeds to mortgaged property beyond

15 days of the repayment of all the dues agreed to or contracted, the bank will

compensate the borrower / security or property owner to the extent of 0.10% of the

valuation of the security / property as per the records of the bank or Rs.5000/-

whichever is lower. In the event of loss of title deeds to mortgaged property at the

hands of bank, the compensation will cover out of pocket expenses for obtainingduplicate documents plus a lump sum amount as decided by the bank.

11. ATM Failure

It is mandatory for bank to reimburse the customer, the amount wrongfully debited on

account of failed ATM transaction within a maximum period of 12 working days from the

receipt of the complaint. For any failure to re-credit the customers account within 12

working days from the date of receipt of the complaint, bank shall pay compensation of


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Rs.100/- per day to the aggrieved customer. This compensation shall be credited to the

customers account automatically without any claim from the customer, on the same day

when bank affords the credit for the failed ATM transaction.

12. Force Majeure

The bank shall not be liable to compensate customers under this policy for the delayed

credits if some unforeseen event (including but not limited to civil commotion, sabotage,

accident, fires, natural disasters or other Acts of God, war, damage to the banks

facilities or of its correspondent banks), absence of the usual means of communication or

all types of transportation, etc. beyond the control of the bank prevents it from performing

its obligations within the specified service delivery parameters.

Not with standing anything contained here above, the Bank shall not pay any compensation

in the following cases.

1. Any deficiency in regard to loans and advances activities of the Bank.

2. Credit Card operations where the Bank is only an agent of other banks etc.

3. Debit Card/ATM Card, non-dispensation of cash despite balance in the account,

double debit etc as they are subject to respective agreements/terms with account

holder.

4. Dishonour of at par payment arrangement with other banks, due to non-funding

and security compliances.

5. Delays on account of non-functioning of business due to factors beyond the

control of the bank, the period of such events shall be removed for calculation of

delays etc.

6. Where the issues are subject matter of a dispute by the Bank or is sub-judice and

are placed under the disposal of statutory or regulatory authorities, Courts,Ombudsman, arbitration, Government bodies etc no compensation will be payable

under this Policy.

13. Change/Modification

Bank reserves it right to change or to modify the Policy or any of its provisions from time

to time.

Limitation of liability

This Policy shall at all times be without prejudice to the Banks rights, defenses, claimsand remedies available under law. Under no circumstance shall the Bank be liable or

responsible for any indirect, special, punitive, exemplary, consequential loss or damage

(including loss of profit, business opportunity, loss of reputation etc.,) Acceptance of the

compensation under this policy shall be full and final settlement of all issues arising out of

grievances for which compensation is claimed.


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3. Model Policy on Bank Deposits (Comprehensive Deposit Policy)

One of the important functions of the Bank is to accept deposits from the public for the purpose of

lending. The depositors and their interests form the key area of the regulatory framework for banking

in India and this has been enshrined in the Banking Regulation Act, 1949. The Reserve Bank of

India is empowered to issue directives/ advices on interest rates on deposits and other aspects

regarding conduct of deposit accounts from time to time. With liberalization in the financial system

and deregulation of interest rates, banks are now free to formulate deposit products within the broad

guidelines issued by RBI.

This policy document on deposits outlines the guiding principles in respect of formulation of various

deposit products offered by the Bank and terms and conditions governing the conduct of the account.

The document recognizes the rights of depositors and aims at dissemination of information with

regard to various aspects of acceptance of deposits from the members of the public, conduct and

operations of various deposits accounts, payment of interest on various deposit accounts, closure of

deposit accounts, method of disposal of deposits of deceased depositors, etc., for the benefit of

customers.

POLICY:

This document is a broad framework under which the rights of common depositors are recognized.

Detailed operational instructions on various deposit schemes and related services will be issued from

time to time. This policy is framed in terms of RBI Master Circular on Customer Service in Banks

dated 01 July 2009.

Types of Deposit Accounts

1. Various deposit products offered by the Bank are assigned different names. The deposit products

can be categorized broadly into the following types. Definitions of major deposits schemes are as

under:

A. Demand deposits means a deposit received by the Bank which is withdrawable on demand;

B. Savings deposits means a form of demand deposit which is subject to restrictions as to the

number of withdrawals as also the amounts of withdrawals permitted by the Bank during any

specified period;

C. Term deposit means deposits received by the Bank for a fixed period withdrawable only

after the expiry of the fixed period (though preclosure is also allowed) and include deposits

such as Recurring / Fixed Deposits etc.D. Current Account means a form of demand deposit wherefrom withdrawals are allowed any

number of times depending upon the balance in the account or up to a particular agreed

amount and will also include other deposit accounts which are neither Savings Deposit nor

Term Deposit;


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2. Key Features on operation of different types of accounts

A. Account Opening and Operation of Deposit Accounts

The Bank before opening any deposit account will carry out customer due diligence as

required under Know Your Customer (KYC) guidelines issued by RBI and or such other

norms or procedures adopted by the Bank. If the decision to open an account of a prospective

depositor requires clearance at a higher level, reasons for any delay in opening of the account

will be informed to the customer and the final decision of the Bank will be conveyed at the

earliest to the customer.

The account opening forms and other material would be provided to the prospective

depositor by the Bank. The same will contain details of information to be furnished and

documents to be produced for verification and or for record, it is expected of the Bank

official opening the account, to explain the procedural formalities and provide necessary

clarifications sought by the prospective depositor when he approaches for opening a deposit

account.

For deposit products like Savings Bank Account and Current Deposit Account, the Bank will

normally stipulate certain minimum balances to be maintained as part of terms and

conditions governing operation of such accounts. Failure to maintain minimum balance in the

account will attract levy of charges as specified by the Bank from time to time. For Saving

Bank Account, the Bank may also place restrictions on number of transactions, cash

withdrawals, etc., for given period. Similarly, the Bank may specify charges for issue of

cheques books, additional statement of accounts, duplicate passbook, folio charges, etc. All

such details, regarding terms and conditions for operation of the accounts and schedule of

charges for various services provided will be communicated to the prospective depositor

while opening the account or from time to time as the case may be.Savings Bank Accounts can be opened for eligible person/ persons and certain organizations/

agencies (as advised by Reserve Bank of India (RBI) from time to time)

Current Accounts can be opened by individuals/ partnership firms/ Private and Public

Limited Companies/ HUFs/ Specified Associates/ Societies/ Trusts etc.

Term Deposits Accounts can be opened by individuals/ partnership firms/ Private and Public

Limited Companies/ HUFs/ Specified Associates/ Societies/ Trusts etc.

The customer due diligence process, while opening a deposit account will involve satisfying

about the identity of the person and address, satisfying about his occupation and source of

income and obtaining recent photograph of the person/s opening/ operating the account.

Obtaining introduction of the prospective depositor from a person acceptable to the Bankmay also be used for customer due diligence.

In addition to the due diligence requirements, under KYC norms the Bank is required by law

to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or

alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act/ Rules.

Deposit accounts can be opened by an individual in his own name (status: known as account

in single name) or by more than one individual in their own names (status: known as Joint

Account). Savings Bank Account can also be opened by a minor jointly with natural guardian


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or with mother as the guardian (Status: known as Minors Account). Minors above the age of

14 will also be allowed to open and operate saving bank account independently.

Operation of Joint Account: The Joint Account opened by more than one individual can be

operated by single individual or by more than one individual jointly. The mandate for

operating the account can be modified with the consent of all account holders. The Savings

Bank Account opened by minor jointly with natural guardian/ guardian can be operated by

natural guardian only till the minor attains majority.

The joint account holders can give any of the following mandates for the disposal of balance

in the above accounts:

Either or Survivor: If the account is held by two individuals say, A & B, the final

balance along with interest, if applicable, will be paid to survivor on death of anyone

of the account holders.

Anyone or Survivor/s: If the account is held by more than two individuals say, A, B

and C, the final balance along with interest, if applicable, will be paid to the survivor

on death of any two account holders.

The above mandates will be applicable to or become operational during the tenure of the term

deposit and on or after the date of maturity of term deposits. This mandate can be modified by

the consent of all the account holders.

At the request of the depositor, the Bank will register mandate/ Power of Attorney given by

the customer authorizing another person to operate the account on his behalf.

The term deposit account holders at the time of placing their deposits can give instructions

with regard to closure of deposit account or renewal of deposit for further period on the date

of maturity.

Nomination facility is available on all deposit accounts opened by individuals. Nomination is

also available to a sole proprietary concern account. Nomination can be made in favor of one

individual only. Nomination so made can be cancelled or changed by the account holder/sany time. Nomination can be modified by the consent of account holder/s. Nomination can be

made in favor of a minor also.

Bank recommends that all depositors avail nomination facility. The nominee, in the event of

death of the depositor/s, would receive the balance outstanding in the account as a trustee of

legal heirs. The depositor will be informed of the advantages of the nomination facility while

opening a deposit account.

Statement of account will be provided by the Bank to Savings Bank as well as Current

Deposit Account Holders periodically as per terms and conditions of opening of the account.

The deposit accounts may be transferred to any other branch of the Bank at the request of the

depositor.

B. Minors Accounts

Minor can open Savings Bank Account and the same can be operated by the natural guardian or

by minor himself/ herself, if he/ she is above the age of 14 years.

On attaining majority, the erstwhile minor should confirm the balance in his/ her account and if

the account is operated by the natural guardian/ guardian, fresh specimen signature of erstwhile


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minor duly verified by the natural guardian would be obtained and kept on record for all

operational purposes.

C. Account of Illiterate/ Blind Person

The Bank may at its discretion open deposit accounts other than Current Accounts of illiterate

person. The account of such person may be opened provided he/ she calls on the Bank personally

along with a witness who is known to both the depositor and the Bank. At the time of withdrawal/

repayment of deposit amount and/ or interest, the account holder should affix his/ her thumb

impression or mark in the presence of the authorized officer who should verify the identity of the

person. The Bank will explain the need for proper care and safe keeping of the passbook etc. given

to the account holder. The Bank official shall explain the terms and conditions governing the account

to the illiterate/ blind person.

Banking facilities like cheque book facility, operation of locker, depository operations will be

offered to visually challenged without any discrimination.

D. Addition or Deletion of the Name/s of Joint Account Holders

The bank may at the request of all the joint account holders allow addition or deletion of name/s of

joint account holder/s if the circumstances so warrant or allow an individual depositor to add the

name of another person as a joint account holder.

E. Dormant Accounts

Status of accounts which are not operated for a considerable period of time (as defined by the

Regulator) will be changed to dormant/ inoperative account status in the interest of the depositor as

well as the Bank. The depositor will be informed of charges, if any, which the Bank will levy on

dormant/ inoperative accounts. The depositor can request the Bank to activate the account for

operating it.

3. Directives on interest payment and term deposits

A. Interest Payments

a. Interest shall be paid on saving account at the rate specified by Reserve Bank of India

directive from time to time. However, term deposit interest rates are decided by the Bank

within the general guidelines issued by the Reserve Bank of India from time to time.

b. The rate of interest on deposits will be prominently displayed in the branch premises.

Changes, if any, with regard to the deposit schemes and other related services shall alsobe communicated upfront by prominently displaying it at branch premises and on the

website.

c. Bank has statutory obligation to deduct tax at source if the total interest paid/ payable on

all term deposits held by a person exceeds the amount specified under the Income Tax

Act. The Bank will issue a tax deduction certificate (TDS Certificate) for the amount of

tax deducted. The depositor, if entitled to exemption from TDS can submit declaration in


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the prescribed format at the beginning of every financial year.

d. In terms of Reserve Bank of Indias directives, interest shall be calculated at quarterly

intervals on term deposits and paid at the rate decided by the Bank depending on the

period of the deposit. In case of monthly deposit schemes, interest shall be calculated for

the quarter and paid monthly at discounted value. The interest on term deposits is

calculated by the Bank in accordance with the formulae and conventions advised by

Indian Banks association

B. Premature Withdrawal of Term Deposit

The Bank on request from the depositor, at its discretion may allow withdrawal of term deposit

before completion of the period of the deposit agreed upon at the time of placing the deposit.

The Bank shall declare their penal interest rates for premature withdrawal of term deposit. The

Bank shall make depositors aware of the applicable rate along with the deposit rate.

C. Premature Renewal of Term Deposit

In case the depositor desires to renew the deposit by seeking premature closure of an existing

term deposit account, the bank will permit the renewal at the applicable rate on the date of

renewal, provided the deposit is renewed for a period longer than the balance period of the

original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the

deposit for the period it has remained with the bank will be paid at the rate applicable to the

period for which the deposit remained with the bank and not at the contracted rate.

D. Renewal of Overdue Term Deposits

When a term deposit is renewed on maturity, on renewed deposit interest rate for the period

specified by the depositor as applicable on the date of maturity would be applied. If request forrenewal is received after the date of maturity, such overdue deposits will be renewed with effect from the date of

maturity at interest rate applicable as on the due date, provided such

request is received within 14 days from the date of maturity. If request for renewal is received

after 14 days from the date of maturity, such deposits will be renewed with effect from the date

of receipt of request.

E. Advances Against Deposits

The Bank may consider request of the depositor/s for loan/ overdraft facility against term

deposits duly discharged by the depositor/s on execution of necessary security documents.

The Bank may also consider loan against deposit standing in the name of minor, however, asuitable declaration stating that loan is for the benefit of the minor, is to be furnished by the

depositor -applicant.


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4. Deceased account handling

A. Settlement of Dues in Deceased Deposit Account

a. If the depositor has registered nomination with the Bank, the balance outstanding in the

account of the deceased depositor will be transferred to the account of/ paid to the nominee

after the Bank satisfies about the identity of the nominee, etc.

b. The above procedure will be followed even in respect of a joint account where nomination is

registered with the Bank.

c. In a joint deposit account, when one of the joint account holders dies, the Bank is required to

make payment jointly to the legal heirs of the deceased person and the surviving depositor(s).

However, if the joint account holders had given mandate for disposal of the balance in the

account in the forms such as either or survivor, former/latter or survivor, anyone of

survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in

production of legal papers by the heirs of the deceased.

d. In the absence of nomination and when there are no disputes among the claimants, the Bank

will pay the amount outstanding in the account of deceased person against joint application

and indemnity by all legal heirs or the person mandated by the legal heirs to receive the

payment on their behalf without insisting on legal documents up to the limit approved by the

banks management. This is to ensure that the common depositors are not put to hardship on

account of delays in completing legal formalities.

e. Bank shall adhere to existing policy on Settlement of Claims in respect of deceased

depositors, in place.

B. Interest Payable on Term Deposit in Deceased Account

a. In the event of death of the depositor before the date of maturity of deposit and amount of thedeposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate

till the date of maturity. From the date of maturity to the date of payment, the Bank shall pay

simple interest at the applicable rate obtaining on the date of maturity, for the period for

which the deposit remained with the Bank beyond the date of maturity; as per the Banks

policy in this regard.

b. However, in the case of death of the depositor after the date of maturity of the deposit, the

bank shall pay interest at savings deposit rate obtaining on the date of maturity from the date

of maturity till the date of payment.

5. Facilitation of Other Banking ServicesA. Stop Payment Facility

The Bank will accept stop payment instruction from the depositors in respect of cheques issued by

them. Charges, as specified, will be recovered.

B. Safe Deposit Lockers

This facility is not offered through all bank branches and wherever the facility is offered, allotment

of safe deposit vault will be subject to availability and compliance with other terms and conditions

attached to the service. Bank has an approved Locker Policy in place.


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6. Safeguarding Customer Interests

A. Customer Information

The information provided by the customer for KYC compliance while opening an account is

confidential. Banks shall treat the information collected from the customer for the purpose of

opening of account as confidential and not divulge any details thereof without the consent of the

customer.

B. Secrecy of Customers Accounts

The Bank shall not disclose details/ particulars of the customers account to a third person or party

without the expressed or implied consent from the customer. However, there are some exceptions,

viz. disclosure of information under compulsion of law, where there is a duty to public to disclose

and where interest of the Bank requires disclosure.

C. Insurance Cover for Deposits

All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit

Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the

insurance cover in force will be made available to the depositor.

D. Redressal of Complaints and Grievances

Depositors having any complaint/ grievance with regard to services rendered by the Bank have a

right to approach authority (ies) designated by the Bank for handling customer complaint/

grievances. The details of the internal set up for redressal of complaints/ grievances will be displayed

in the branch premises. The branch officials shall provide all required information regarding

procedure for lodging the complaint. In case the depositor does not get response from the Bank

within one month from date of complaint or he is not satisfied with the response received from the

Bank, he has a right to approach Banking Ombudsman appointed by the Reserve Bank of India.

7. Policy Revision: This policy is subject to revision based on the extant RBI guideline from time

to time.

4. Policy on Collection of Dues and Repossession of Security

1. Preamble

The code for collection of dues and repossession of security (CDRS code) is a

non-statutory code issued on voluntary basis and is recommended for adoption

and implementation.

2. Applicability

This code will apply as and when the same is adopted by the RMRC (with orwithout modifications) and a declaration to the public at large by the Bank is

made by way of hosting the same in the website of the Bank.

3. Introduction

The debt collection policy of the bank is built around dignity and respect

for customers. Bank will not follow policies that are unduly coercive in

collection of dues. The policy is built on principles of courtesy, fair


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treatment and persuasion. The bank believes in following fair practices

with regard to collection of dues and repossession of security and thereby

fostering customer confidence and considering long-term relationship.

The repayment schedule for any loan sanctioned by the bank will be fixed

taking into account paying capacity and cash flow pattern of the

borrower. The bank will explain to the customer upfront the method of

calculation of interest and how the Equated Monthly Installments (EMI) or

payments through any other mode of repayment will be appropriated

against interest, charges and principal due from the customers. The bank would expect the customers to adhere to

the repayment schedule agreed

to and approach the bank for assistance and guidance in case of genuine

difficulty in meeting repayment obligations.

Banks Security Repossession Policy aims at recovery of dues in the event

of default and is not aimed at whimsical deprivation of the property. The

policy recognizes fairness and transparency in repossession, valuation and

realization of security. All the practices adopted by the bank for follow up

and recovery of dues and repossession of security will be in consonance

with the law.

4. General Guidelines

All the members of the staff or any person authorized to represent our

bank in collection or/and security repossession would follow the

guidelines set out below:

1. The customer would be contacted ordinarily at the place of his/her

choice and in the absence of any specified place, at the place of

his/her residence, and if unavailable at his/her residence, at the placeof business/occupation.

2. Identity and authority of persons authorized to represent the bank for

follow up and recovery of dues would be made known to the

customer as and when demanded. The bank staff or any person

authorized to represent the bank in collection of dues or/and security

repossession will, upon request, identify himself / herself and display

the authority letter issued by the bank

3. The bank would respect privacy of its borrowers, to the extent

possible.

4. The bank is committed to ensure that all written and verbalcommunications with its borrowers will be in simple business

language and bank will adopt civil manners for interaction with

borrowers.

5. Normally the banks representatives will contact the borrower

between 0700 hrs and 2100 hrs, unless the special circumstance of his/her business or occupation requires the bank

to contact at a

different time.


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6. Borrowers requests to avoid calls at a particular time or at a particular

place would be honored as far as possible.

7. The bank will document the efforts made for the recovery of dues and

the copies of communication sent to customers, if any, will be kept on

record.

8. All assistance will be given to resolve disputes or differences regarding

dues in a mutually acceptable and orderly manner.

9. During visits to customers place for dues collection, decency and

decorum would be maintained.

10.Inappropriate occasions such as bereavement in the family or such

other calamitous occasions will be avoided for making calls/visits to

collect dues.

5. Giving notice to borrowers

While written communications, telephonic reminders or visits by the

banks representatives to the borrowers place or residence will be used as

loan follow up measures, the bank will not initiate any legal or other

recovery measures including repossession of the security without giving

notice in writing. Any genuine difficulties expressed / disputes

raised by the customer will be considered by the Bank before

initiating recovery measures. Bank will follow all such procedures as

required under law for recovery/repossession of security.

6. Repossession of Security

Repossession of security is aimed at recovery of dues and not to deprive

the borrower of the property. The recovery process through repossessionof security will involve repossession, valuation of security, and realization

of security through appropriate means. All these would be carried out in

a fair and transparent manner. Repossession will be done only after issuing the notice as detailed above.

Due process of law will be followed while taking repossession of the

property. The bank will take all reasonable care for ensuring the safety

and security of the property after taking custody, in the ordinary course

of business.

7. Valuation and Sale of Property

Valuation and sale of property repossessed by the bank will be carried outas per law and in a fair and transparent manner. The bank will have right

to recover from the borrower the balance due, if any, after sale of

property. Excess amount, if any, obtained on sale of property will be

returned to the borrower after meeting all the related expenses provided

the bank is not having any other claims against the customer.

In the case of hypothecated assets where the bank has taken

possession, if no payment is forthcoming, a sale notice giving 7 days


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time to respond will be sent to the borrower. Thereafter, the bank will

arrange for sale of the hypothecated assets in such manner as deemed

fit by the Bank. In respect of cases under SARFAESI Act, as per the

provisions of the Act, 30 days notice of sale will be sent. When public

auction or auction by tender is envisaged, the same will be published in

two leading newspapers of which one is a local vernacular paper.

8. Opportunity for the borrower to take back the security

As indicated earlier in the policy document, the bank will resort to

repossession of security only for the purpose of realization of its dues as

the last resort and not with intention of depriving the borrower of the

property. Accordingly, the bank will be willing to consider handing over

possession of property to the borrower any time after repossession and

before conducting of sale transaction of the property, provided the bank

dues are cleared in full. If satisfied with the genuineness of borrowers

inability to pay the loan installments as per the schedule which resulted in

the repossession of security, the bank may consider handing over the property after receiving the installments in

arrears. However, this would

be subject to the bank being convinced of the arrangements made by the

borrower to ensure timely repayment of remaining installments in future.

9. Engagement of recovery agents

The Bank may utilise the services of recovery agents for collection of dues and

repossession of securities. Recovery agents will be appointed as per regulatory

guidelines issued in this regard. In this respect

1) The name and address of all Recovery Agents on the approved panel ofthe Bank will be placed on the banks website for information.

2) Only recovery agents from the approved panel will be engaged by the

bank.

3) In case the bank engages the service of such recovery / enforcement /

seizure agent for any recovery case, the identity of the agent will be

disclosed to the borrower.

4) The recovery agents engaged by the bank will be required to follow a

code of conduct covering their dealings with customers.

The code mentioned above will not preclude the Bank in any way fromexercising its rights for recovery of its dues as per the existing laws of

the Country.

5. Safe Deposit Locker Policy for ING Vysya Bank


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Safe Deposit Lockers:

Safe Deposit Locker facility is one of the subsidiary services provided by the Bank for

keeping the valuables in the safe deposit locker. This provides safety to the belongings

of the customers against theft / burglary. Bank provides specially designed lockers kept

at specially built strong rooms for keeping the valuables of the hirer purchased from

reputed manufacturers.

The relationship between the Banker and Customer is that of lessor and lessee.

Locker is operated under double locking system and can be opened with combination of

two keys one with the bank called Master Key and the other with the hirer called

Hirers Key. The keys will be identified with an appropriate identification code / number.

Target group:

The safe deposit locker facility can be offered to existing as well as prospective

customers to develop better business relationship.

Lockers could be hired to Individuals, either singly or jointly, Partnership Firms,

Limited Companies, Associations and Clubs but not to minors.

The Know Your Customer norms are applicable to all locker hirers existing and

new.

While hiring to joint hirers and other than individuals clear instructions on operations

and closure shall be obtained and bank shall comply with such instructions without

exception.

The risk categorization of locker hirers shall be done.

Allotment of lockers

Allotment of lockers shall be based on the duly filled in application of the prospectivehirers on the printed format provided by the bank.

A waiting list for the purpose of allotment of lockers shall be maintained at the

branches.

All such applications received for allotment of a locker should be acknowledged and

given a waiting list number.

At least 80% of the lockers should be allotted by the branches on first-come-firstserved basis. Branch

Managers at their discretion could allot the remaining 20% of

the lockers to valued customers on business considerations.

Preference may be given to existing customers maintaining SB / CA / CCOD / Term

Deposit accounts with the bank. The terms and conditions of allotment of lockers shall be covered in the agreement

entered into with the hirers and a copy of the same shall be provided to the hirers.

Priority allotment: Shareholders of the bank shall have priority in allotment of

lockers within the 80% category or under the discretionary quota subject to

production of proof of being a shareholder as on the date of allotment of locker.

Similar priority allotment can be made to the staff and Retired staff of the Bank.


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Charges and fees

Bank collects rent for providing the service of locker facility.

Branch will collect the rent on annual basis, in advance, at rates prescribed for

various sizes of lockers.

At the time of allotment of new lockers, the rent shall be collected on prorata basis for

the remaining period of the financial year.

To ensure prompt payment of locker rent, bank shall at the time of allotment, obtain a

fixed deposit, which would cover 3 years rent and break open charges in case of an

eventuality. However, such deposits should not be insisted from existing locker hirers.

Whenever there is an upward revision of the locker rent, there is no need for

collecting additional security deposit amount from the existing locker hirers.

Delegated authority of the bank can waive such fixed deposits if the authority is

certain about regular payment of locker rent by the hirer.

For delayed payment of rent, penal charges are applicable as prescribed from time to

time.

When the locker is surrendered at the request of the hirer/s the charges for the

unutilized period if any, shall be refunded for remaining complete quarters only.

When the locker is surrendered at the request of the bank, the rent for the unutilized

period shall be refunded

Operations and monitoring

A hirer has the option to use a password as an additional precaution for operation of

lockers.

The locker operation shall be through the joint operation of both the keys Master

Key and Hirers Key Keys of the vacant lockers should be held under joint custody and regular verification

must be made to ensure that the total number of keys on hand tally to the total vacant

lockers.

Any access to locker is permitted only after due identity verification and bank shall

record every instance of locker access by the hirer

The operating timings for the safe deposit lockers shall be upto half-an-hour before

the close of office hours.

Incase the locker is not operated for a period of more than one year for high-risk

category customers and three years for medium risk category customers, Bank shall

intimate the customer to operate the locker. If deemed necessary, bank shall breakopen such lockersfollowing the laid down procedure. This will be carried out even if

the hirer is paying the rent regularly.

Operation of locker shall be stopped in the following circumstances:

o Where the rent is in arrears;

o Attachment by Court / tax authorities or other regulatory authorities;

o Outside banking hours specified for locker operations.

o Where the hirer is deceased.


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Surrender Of Locker

Locker can be surrendered by the hirer/s at any time during the contract period. Bank

can also request for surrender of locker with due notice

The lock of the surrendered locker shall be changed when a locker is surrendered.

Breaking Open Of Lockers

Locker may be broken open either at the request of the hirer/s or by the bank for

default in payment of prescribed charges or for any other reason.

Break Open charges shall be recoverable from the hirer/s.

Bank shall engage the suppliers of the locker unit to break open the lockers

When the locker is broken open at the request of the hirer, the same shall take place

in the presence of the hirer or his nominee.

When the locker is broken open at the instance of the bank, Customer shall be

provided notice in advance, broken open in the presence of the hirer or his nominee

(if available) along with Bank executive, Banks advocate, an independent witness,

Gold Appraiser.

Nomination

Individual hirers both singly or jointly shall be educated on the advantages of

providing nomination and requested to register nomination.

Where the hirer/s prefer not to nominate, the same should be recorded in the

application form.

Settlement of claimSettlement of claim to the nominee or the legal heirs shall be subject to the following:

Proper identification process for establishing the identity of the survivor(s) /

nominee(s) .

Production of appropriate documentary evidence for the fact of death of locker hirer

If there is no orderfrom a competent court restraining the bank from giving access to

the locker of the deceased

Making it clear to the survivor(s) / nominee(s) that access to locker / safe custody

articles is given to them only as a trustee of the legal heirs of the deceased locker

hirer i.e., such access given to him /her shall not affect the right or claim which any

person may have against the survivor(s) / nominee(s) to whom the access is given. Incase nomination is available, contents of the locker shall be delivered to the

nominee after proper identification of the nominee and subject to production of

necessary documents.

Where no nomination is available, settlement shall be made to the legal heirs as per

Banks claim settlement policy.

Bank shall prepare and retain an inventory before returning articles in safe deposit

locker or permitting removal of articles in safe deposit locker..XXXXXXX


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ING Vysya bank careers and recruitment 2012 at www.ingvysyabank.com

ING Vysya bank came into the field on October 2002. With its experience in the banking sector for

more than 10 years, it has been one of the most reputed banks all over the world. In the year 2002,

ING took on the charge of Vysya bank and the name has changed to ING Vysya bank. There were

many wonderful features introduced by the bank, which attracted more and more customers towards

the bank. Some of them are Orange savings scheme and protected home loans concept. There was

a new concept called AAA which means Anytime, Anywhere, Anyhow Banking gained popularity

among the public and many people have started to move their accounts. We can say that jobs have

a unique reputation and also there is always a demand for ING Vysya bank jobs. There are more

than 450 branches running successfully across India.

ING Vysya bank careers have been reviewed excellent for the past year and also there were many

people recruited via its recruitment procedure. This company differentiates itself from other private

banking companies by founding life insurance companies in the developing countries all around the

world. There are many job openings for the year 2012 and eligible candidates can apply for the job

immediately.

Job vacancies and eligibility criteria for ING Vysya bank jobs

Currently, there are some vacancies available across many places in India. Some of them are

private banker, relationship manger, sales manager, and foreign exchange service. The eligibility

criteria differ from each type of the jobs mentioned above. For private banker position, graduates

with financial background are required and the candidate is required to have good knowledge about

capital and investment markets with 5-15 years of experience in the above-mentioned field. For

relationship manager, the expected eligibility is to have a MBA/CA degree with 2-5 experience in the

banking sector. The jobs in ING Vysya bank have different roles and responsibilities for every

candidate who are recruited through ING Vysya bank recruitment 2012. For foreign exchange

service, the candidates should have the eligibility criteria of either graduate or post graduate degree

with minimum three years of experience in the banking industry. For corporate sales manager, the


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eligibility criteria are same as the foreign exchange service. Graduates under any discipline are

welcome for the post of sale manager.

ING Vysya bank recruitment 2012 and the benefits

Recruitment procedure is simple for the jobs mentioned above. The eligible candidate can forward

the detailed resume to the HR manager. Since there are many job vacancies, the candidate should

mention the job title as the subject of the mail. Once the mail is sent to the specific address given in

the ING Vysya bank recruitment notification, the members responsible for the ING Vysyabank

recruitment 2012will intimate the candidate as soon as possible. The status of the application

request will be intimated to the candidate through e-mail. To clarify any doubts regarding the

recruitment procedure, the candidates can call to the number specifically given for the career

counseling. Career counseling members will available on all working days to clarify any queries

inquired by candidates.

The advantage of applying through the ING Vysya Bank recruitment 2012 is that the candidates

have the option of applying online for jobs. Through this facility, the recruitment process become so

easy and the communication between the Career counselors and the candidate become

comfortable. The candidates should monitor recruitment notification in order to grab a working

opportunity in a well- known and esteemed private bank, ING Vysya.

There are many factors, which draw in many people to apply for the ING Vysya bank job openings.

The salary and the other benefits is an important thing that attracts many people to pursue their

career in this bank. The career growth will be awesome as well as the job security of the employees

is guaranteed. Every bank across India is well equipped with latest technology and the ambience

inside the banks is magnificent. The work environment is another factor, which makes the people to

turn towards this company. If a candidate gets through the Vysya bank recruitment 2012, then there

will be great opportunity for him/her to lead an outstanding and striking life in the future. The

recruited candidates can gain loads of experience from one of the prominent banking companies

ING Vysya Bank.
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