8/2/2019 Popular Articles About Ing Vysya Bank in 2012
1/28
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-assets8/2/2019 Popular Articles About Ing Vysya Bank in 2012
2/28
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-quality8/2/2019 Popular Articles About Ing Vysya Bank in 2012
3/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
4/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
5/28
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:
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
6/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
7/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
8/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
9/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
10/28
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:
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
11/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
12/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
13/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
14/28
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;
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
15/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
16/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
17/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
18/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
19/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
20/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
21/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
22/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
23/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
24/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
25/28
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.
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
26/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
27/28
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
8/2/2019 Popular Articles About Ing Vysya Bank in 2012
28/28
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.
http://governmentjobsearch.in/bank-jobs/kotak-mahindra-bank-careers-jobs-and-recruitment/98751482/http://governmentjobsearch.in/bank-jobs/kotak-mahindra-bank-careers-jobs-and-recruitment/98751482/http://governmentjobsearch.in/bank-jobs/kotak-mahindra-bank-careers-jobs-and-recruitment/98751482/http://governmentjobsearch.in/bank-jobs/kotak-mahindra-bank-careers-jobs-and-recruitment/98751482/http://governmentjobsearch.in/bank-jobs/kotak-mahindra-bank-careers-jobs-and-recruitment/98751482/http://governmentjobsearch.in/bank-jobs/kotak-mahindra-bank-careers-jobs-and-recruitment/98751482/Top Related