Professional Documents
Culture Documents
Vidyadeepam Dec 2019 Final
Vidyadeepam Dec 2019 Final
K V SUBBA RAO
DGM & PRINCIPAL
Thirty action points under six themes have been set under EASE for
performance improvement of the PSBs. These six themes are: 1)
Customer Responsiveness 2) Responsible Banking 3) Credit Off-
take 4) PSBs as Udyamimitra for MSMEs 5) Deepening Financial
Inclusion and Digitalization 6) Governance and HR
We can together make our Bank to secure 1st rank under EASE
ranking and in true sense make our Bank as CLEAN (Clean credit,
Leveraging data, Ensuring accountability, Action against
defaulters, NPA Recovery) and SMART (Speedy, Multi-channel
reach, Accessible & affordable, Responsive, Technologically
enhanced) Banking.
Wishing all the IOBIANS and their family members a very happy
and prosperous new year 2020.
K V Subba Rao
DGM & Principal
Staff College
Date: 31.12.2019
A: NEWS UPDATE
SEBI has tightened the norms for Listed Banks in reporting of bad loans. SEBI directed that the listed banks will have to
disclose any divergence in bad loan provisioning within 24 hours of receiving the RBI’s risk assessment report, rather
than waiting to publish the details in their annual financial statements. The instructions will come into force with
immediate effect. SEBI has issued a format in which such disclosures need to be made. The disclosures are required if a
bank’s additional provisioning for NPAs assessed by RBI exceeds 10% of the reported profit before provisions and
contingencies and if the additional gross NPAs identified by the RBI exceed 15% of the published incremental gross
NPAs.
The World Gold Council (WCG) has urged the Government to introduce Bullion Banking in India, which is the World’s
Second-Largest Consumer of the precious metal- in a phased manner for building an organised and transparent local
gold market. Bullion Banking is a division within a universal bank which offers specialised services to participants in the
bullion market. These services centre on dealing in physical bullion or bullion based contracts and are offered by banks
in most large bullion markets. Introduction of bullion banking forms an important part of the country’s Gold Policy which
the Government has been planning to introduce now.
Currently, the supervision of financial sector entities is undertaken through three separate departments. Similarly, the
regulatory functions related to financial sector entities are carried out through three separate departments. Now RBI,
under attack for not being able to prevent scams in the banking sector, has reorganised its supervisory and regulatory
functions into two departments to deal more effectively with potential systemic risks. Accordingly, RBI decided to
integrate the supervision functions into a unified department of Supervision and Regulatory functions into a unified
Department of Regulation with effect from November 1, 2019.
SEBI has issued the norms for Rating Panels. The MD and CEO of credit rating agencies shall not be members of their
rating committee. Rating committees of credit rating agencies (CRAs) shall report to a credit rating officer. As regards
for composition of Board of Directors of CRA, one-third of the board shall comprise independent directors if it is chaired
by a non-executive director. In case the board is chaired by an executive director, half of the board shall comprise
independent directors. The Chief Rating Officer is to directly report to the ratings sub-committee of the board of CRA.
RBI has announced the opening of the first cohort under the regulatory sandbox with retail payments as the theme. The
adoption of “retail payments” as the theme is expected to spur innovation in digital payments space and help in offering
payment services to the unserved and underserved segment of the population. Digital modes of payments can cut down
some of the cost associated with a cash economy while giving customers a “friction-free” experience. Eligible entities
can apply between November 15 and December 15 this year.
The Ministry of Statistics and Programme Implementation will decide on a new Base Year for the GDP series. When new
series with 2011-12 base year was being worked out the Ministry thought of revising it to 2009-
10. But then the economists decided that 2009-10 was not a good year globally and domestically and finalised for 2011-
12 as the Base Year for new series of GDP. The Ministry is working to bring in a new series of national accounts which
would result in change in the existing Base Year of 2011-12. The Government is also considering 2017-18 as the new
Base Year but no decision has been taken because some more data is required for taking the decision.
Central Board of Indirect Taxes and Customs (CBIC) will start all communications from November 8 to Taxpayers which
will have a computer generated “Document Identification Number” (DIN). CBIC is the Apex Policy Making Body for
indirect taxes in the Central Government. It has implemented this mechanism after its counterpart CBDT implemented it
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from October this year. Though DIN is mandatory requirement, still in exceptional circumstances communications may
be issued without an auto generated DIN. However this exception is to be made only after recording the reasons in
writing.
In a bid to bring in better regulation of Core Investment Companies (CIC), the Working Group set up by RBI has
submitted its report. The Group has identified six main issues, including excessive leverage and corporate governance
and has suggested restricting the number of layers in such firms in a group to two. As such any CIC within a group shall
not make investment through more than a total of two layers of CICs including itself. For complying with this
recommendation, RBI may give about two year’s time to the existing groups having CICs at multiple levels.
Four years after the foreign exchange management act was amended to switch control on equity flows to the
Government from RBI, the Finance Ministry has notified a new framework for investments via non-debt instruments.
This switch over implies that the finance ministry will now be the notifying authority for any change for FDI Policy
instead of RBI. The latest set of rules, notified on October 17 have provided in detail permitted sectors for foreign
investment, countries allowed and also various entities and instruments covered. The Finance Ministry will consult the
RBI on any changes to the rules in future.
IRDAI’s proposed hike in the limits for self-assessment of damages will benefit customers who may now be able to
report higher value damages on their own without having to wait for days for a surveyor. For filing of motor insurance
claims, it has proposed that policyholders can report claims up to Rs.75, 000 against the current ceiling of Rs.50, 000.
For claims other than motor insurance, IRDAI has proposed a threshold of Rs.1, 50, 000 against the current ceiling of
Rs.1 Lakh. Surveyors are required for managing complex claims and simpler or low-ticket size claims should be left to
the insurance companies to handle directly with their customers.
At present, RBI uses Prompt Corrective Action (PCA) framework as an early warning tool to maintain the financial health
of commercial banks. RBI plans PCA Framework and a different supervisory system for NBFCs by 2022.
(Case-Uttam Ram VS. Devinder Singh) In this case the Supreme Court has said that once a cheque is issued, it is
presumed that it was for consideration and the holder of the cheque received it in the discharge of existing debt. It is
a statutory presumption under the Negotiable Instruments Act.
Jewellery Industry in the country is planning to introduce a model code of conduct to bring back trust and confidence
of consumers, lenders and policy makers. The model code of conduct is set to bring in uniformity in gold and jewellery
sales in India and also control default by individual jewellers.
The Finance Ministry has now amended the Prevention of Money Laundering Act (PMLA) rules, allowing the flexibility for
people who use Aadhar for KYC and want to give their current address which is different from the address mentioned in
Aadhar records. This will be allowed if the individual concerned provides a self- declaration for the current address.
There had been lot of demand from various sectors of the economy for this flexibility. It will particularly help migrant
workers who have the address of their native place in Aadhar but may want a bank account with their current address
where they are living for work.
SEBI has put in place a mechanism for stock exchanges and depositories to map the Unique Client Code (UCC) with the
Demat account of a client. Stock Exchanges and depositories shall map the existing UCCs with the Demat account of the
clients latest by December 31, 2019. UCC allotted by the Trading member (TM) to the client shall be mapped with the
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Demat account of the client. A client may through multiple TMs in which case each such UCC shall be mapped with one
or more Demat accounts. SEBI has asked the bourses to share the UCC data having PAN, Segment, TM/CM (Clearing
Member) code and the allotted UCC with the depositories.
The Centre has taken the next step in insolvency reforms by bringing personal guarantors to corporate debtors within
the fold of the Insolvency and Bankruptcy Code (IBC) from December1, 2019. The ministry of Corporate Affairs (MCA)
has come up with a set of rules extending the scope of the IBC to personal guarantors of corporate debtors. The new
regime will be prospective and invoked when there is a default. Further the Law of Limitation will apply. So far, the
resolution of corporate guarantors was available under the IBC. Now even resolution of personal guarantors will be
available.
SEBI has made it mandatory for all listed companies to make public disclosures on loan defaults. The move will help
stakeholders stay better informed on the financial health of a company. The move comes two years after SEBI had
abruptly withdrawn circular directing companies to disclose all defaults within 24 hours of missing the due date, after
concerns were raised by banks, companies and stakeholders. SEBI has said any default of payments of interest or
principal on loans taken from financial institutions including banks, will have to be disclosed if it continues beyond 30
days.
As governance and default concerns mounted, RBI superseded the board of directors of financially-stressed Dewan
Housing Finance Corporation Ltd. (DHFL) and appointed an administrator. DHFL is now headed to the NCLT. This is the
first time that the RBI is using power granted to it in the Union Budget for FY 19 to dismiss the management of a
finance company. This will also be the first time that the recent amendment to the insolvency law allowing a finance
company to face insolvency proceedings will be used.
Four years after the Supreme Court directed the RBI to disclose a list of India’s wilful defaulters, RBI has now released
a list of 30 major wilful defaulters. While the RBI has been reluctant to release this data, individual banks and lenders
have always generated information on wilful defaulters in the form of suits filed for recovery of their dues.
(Case- Municipal Corporation of Greater Mumbai VS Abhilash Lal) Supreme Court has ruled in this case that though
section 238 of the Insolvency and Bankruptcy Code states that the code will override other laws, when properties of
public authorities are involved, the National Company Law Tribunal (NCLT) cannot ignore their objections and create
fresh interest on them.
(Case- Lilavati Kirtilal Mehta Medical Trust VS. Unique Shanti Developers) The Trust bought flates from the Developers
to accommodate it’s nurses but these flates were found to be so dilapidated that they could not be repaired. The Trust
complained to the National Consumer Commission which dismissed it holding that the Act excluded persons who
obtained services for a commercial purpose. The Trust appealed to the Supreme Court which ruled that a Hospital
Trust buying flates to accommodate it’s nurses could be called a “Consumer” under the Consumer protection Act.
SEBI has issued new norms for Portfolio Management which are expected to further safeguard investor’s interest and
also help the industry become more competitive by weeding out non-serious players due to higher net worth
requirements. Now SEBI has decided to raise the minimum investment amount of clients for portfolio management
schemes to Rs.50 Lakhs from the earlier Rs.25 lakh. Besides it has decided to increase the net worth requirement of
portfolio managers to Rs.5 Crore from Rs.2 Crore.
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SEBI will make it easier for unlisted companies looking to raise funds by selecting debt securities on the stock
exchange platform. The focus is on companies that have not listed their shares but want to list only their debt
instruments. Many firms have shied away from listing their debt securities as they had to comply with rules similar to
equality listings on the exchanges. SEBI may consider lower disclosure requirements, exemptions from insider trading
rules and statutory auditor norms along with increase in frequency of filing of results to one year from six months.
The Finance Ministry has said that “E- Invoicing” will be mandatory for businesses having turnover of Rs.100 Crore or
more from April 1. E- invoicing is a system in which B2B (Business-to- Business) invoices are authenticated
electronically by GSTN (GST Network, IT Backbone for new indirect system) for further use on the common GST
Portal. An identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be
managed by GSTN. All invoice information will be transferred from this portal to both the GST Portal and E-Way Bill
Portal in real-time.
In a Landmark Decision, Supreme Court has ruled that electronic evidence in criminal cases should be classified as
“Document” and the accused would be entitled to a copy of the same to prepare the defence. The contents of Memory
card/Pen drive being electronic record must be regarded as a document.
The GST Network (GSTN) will create a special facility to allow buyers and sellers to converse with each other after the
new simplified GST return system is rolled out on April 1. With the new return system in place, about 22.73% of GST
Assessees with NIL turn-over will only need to send an SMS to GSTN to complete their compliance and then confirm it
with an OTP. Prakash Kumar, CEO of GSTN also said that it could also be developed into an SMS facility that will allow
businesses to settle invoice issues expeditiously.
BOB SIGNS MOU WITH INDIAN ARMY:
Bank of Baroda has signed a MOU with Indian Army under which the bank will offer customised services along with a
host of facilities to account holders. The MOU includes free personal accident insurance cover, free air accident
insurance cover of Rs.15 Lakh to Rs.50 Lakh and an overdraft facility up to three times of the monthly net salary. The
features are also applicable for pensioners of Indian Army up to the age of 70 years.
CBDT has launched a computer- generated Documentation Identification Number (DIN) system which provides for a
transparent and recorded communication between the income tax department and the taxpayers. A DIN will be
mandatory from October 1 onwards for every type of communication with the income tax department. Without it, the
document and communication will be deemed invalid.
Presently, no Indian company, partnership firm or LLP can acquire a stake in an offshore company that has
investments in an Indian entity. Also, Indian companies cannot set up their subsidiaries through their foreign wholly-
owned subsidiaries or joint ventures. RBI has clarified that there would be no “Blanket ban” on Indian companies
wanting to buy stakes in overseas firms which already have investments in India under the automatic route. However,
approval from RBI will be required.
State-run banks are set to implement doorstep banking for millions of consumers- including the facility to deposit and
withdraw cash, making life easier for senior citizens and disabled. UCO Bank has floated a “Request for Proposal” on
behalf of all public sector banks seeking private players to run the facility that will come with a call centre, website and
a mobile app through which service requests can be lodged. Initially, the doorstep banking facility will be available to
senior citizens and the disabled who often find it tough to visit branches.
The Union Government has directed public sector banks to look for an alternative resolution mechanism outside the
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Insolvency and Bankruptcy Code (IBC). The Government has further told them to build “resilient credit risk control
systems” for high value loans, and has set a deadline for 45 days to decide upon consortium lending. These measures
are part of second round of reforms under the Enhanced Access and Service Excellence Programme, known as
EASE2.0 sent by the Finance Ministry to all public sector banks. The banks will be bound to follow EASE 2.0 because
the 64-point measures will be part of the annual performance appraisal of bank executives of the DGM and above
level.
IRDAI has said in a Master Circular that all insurers should ensure that communications are clear, fair and not
misleading whatever is the mode of communication. All advertisements must clearly state the availability of the
underlying element of life insurance coverage to clearly identify the product as an insurance product. In respect of
ULIPS, the actual asset mix of various underlying funds vis-a-vis the asset composition of approved asset pattern shall
be placed on the web portal of the respective life insurance companies at least on half yearly basis. The insurers
should not highlight the positive financial condition of the parent (Promoting partner) without mentioning the financial
condition of the insurer and/or indicate the assets of the parent company and can be banked upon when desired.
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B: RECOLLECT CIRCULARS
Gist of Circular: RBI has issued revised guidelines for classification of export under
priority sector lending. In order to boost credit to export sector, RBI has brought
the following changes in guidelines pertaining to export credit:
Gist of Circular: ALCO in its meeting held on 06.11.2019 has decided to keep the
present level of MCLR as unchanged for all tenors (1 Year MCLR-8.50%) at existing
level. Strategic premium and risk premium will also continue to be at the present
level until further review.
Gist of Circular: To improve the credit portfolio of the Bank and to reduce
the level of Non performing assets, there is a need to enhance the
scope of externally rated accounts. Accordingly, it is now decided with
the approval of Board that all the borrowal accounts having aggregate
credit limits of Rs. 25.00 crores and above are to be compulsorily rated
externally from the approved credit rating agencies. However, Borrowal
accounts classified under MSME are exempted from this compulsory
external rating. 6
Operational Guidelines:
MSME accounts and all special schemes having an exposure of Rs.25 crores
and up to Rs. l 00.00 crores are exempted from compulsory External Rating.
Circular Title: Repo Linked Lending Rate(RLLR) Frequently Asked Questions (FAQs)
on implementation of RLLR.
(Ref. Adv/430/2019-20 dated 29.11.2019)
Issued by: CSSD
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Circular Title: Sale of Assets to ARCs/SCs/Banks/NBFCs/FIs-Policy & Standard
Operational Procedure (SOP).
(Ref.-Master/46/2019-20 Dated 09.10.2019.
Issued by: SAMD
The BSBD Account shall be considered a normal banking service available to all.
The availment of such additional services shall be at the option of the customers.
However, while offering such additional services, banks shall not require the
customer to maintain a minimum balance.
Offering such additional services will not make it a non-BSBD Account, so long as
the prescribed minimum services are provided free of charge.
Proportionate % also can be decided by Regional offices while entering into tie
up with Builders for sourcing of Housing Loans for their RERA approved projects.
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Circular Title: Revised Schedule of Service Charges for Foreign Bank
Guarantee/SBLC issuing for availing Buyers’ Credit.
(Ref. FX/Permanent/63/2019-20 dated 23.10.2019)
Issued by: Branch Support Services Section
Gist of Circular:
RBI vide AP DIR Series Circular No. 23 dated March 13, 2019 has issued detailed
guidelines on Revised Trade Credit framework wherein the regulation governing
Trade Credit has been revamped. In terms of the above circular, RBI has
permitted AD Banks to issue Bank Guarantees (in lieu of Letters of Undertaking/
Letters of Comfort) on behalf of the importer, in favour of overseas lender for
raising Trade Credits {Suppliers' Credit and Buyers' Credit) subject to certain
conditions.
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2. In respect of partially disbursed Term loans, the entire sanction
amount should be considered. In case, if the M LI proposes to
cancel the undrawn portion of the sanctioned facility, MLI to
update the same in CGTMSE portal.
3. In respect of working Capital Limits, the total sanctioned amount of
working capital limit (irrespective of utilization n) should be considered. •
The borrowers can avail incremental credit facilities (i.e. to the extent of
reduction in the outstanding exposure limit) under Credit Guarantee Scheme of
CGTMSE, subject to maximum cap of Rs. 200.00 lakh.
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and any potential entrepreneurs /beneficiaries dealing with such
agency shall be doing it at their risk and consequences.”
Branches / Regional Offices are advised to take note of the above
instructions issue d by the KVIC and take necessary steps to sensitize
the PMEGP applicants/ beneficiaries in this regard. Branches to
exercise caution and refrain from middlemen etc., while handling
PMEGP lo a n s.
Circular Title: Proper maintenance of mails Inward/Outward Register by the
Branches/ROs & Controlling Offices.
(Ref. MISC/668/2019-20 dated 18.11.2019)
Issued by: BOD
Gist of Circular:
Vigilance Department, during their investigations has observed that the branches,
Regional Offices and Controlling Offices are not maintaining inward/Dispatch
Registers properly. The guidelines regarding the maintenance of register for
recording the letters received and dispatched is detailed in the Book of Instructions,
Volume 4, Chapter A.4 and the same is reiterated in the circular.
________________
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Compiled by: N Rajasekar, Chief Manager (Faculty), Staff College.
Gist of Circular:
To spread awareness among the staff members about the fraud incidence and to
prevent such incidents from happening in future, the modus operandi of the frauds
during the quarter ended September 2019 with measures to be adopted by the
branches are explained.
Gap: Cash checking officer had closed the cash without tallying.
Gap: Staff member had unauthorisedly activated the account from inoperative to
operative without obtaining the documents and customer's authorisation. Other
staff members in the branch were negligent by removing the debit freeze on
account without having proper documentary evidence, disabling the mobile alerts,
issuing insta debit card etc.
Preventive Measures/ Suggestions. Staff members should not activate the account
from in operative to operative without obtaining the KYC documents and customer
authorisation. All staff members in the branch should be vigilant while posting are
passing the transactions. Security items namely ATM cards, cheque book etc to be
kept under real custody only. Password secrecy should be maintained.
Gaps: Staff members were negligent in verifying the genuineness of the transactions
Gaps: Staff member had deviated from using the discretionary powers a section
the loans to his own relatives without approval of the branch manager. Negligence
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of others staff of branch in verifying the genuineness of the transaction before
posting and passing.
Circular Title : Fixing of limits for entering high value transactions in system- HBLEM
Gist of Circular: Our ITD has developed a Menu HBLEM to handle the high value
transactions. Branches can make entry in this menu when limit exceeds. An error
message pops up in HTM/ HCASHWD/ HXFER menus while entering high value
transactions. Branch initiating the transaction is the maker and the concerned
regional office is a checker. Regional offices have to verify the entries made by the
branches under their control in the menu and can accept or reject the same. The
user manual is given as annexure in the circular
Circular Title: Registration Portal for HLCs & DSAs for Housing Loan (URN &
Performance Entry) Office Accounts for payment of Commission to HLCs & DSAs
Gist of Circular: A separate portal has been designed under RO Products at IOB
Online for Registration and Performance Entry of the DSAs/ HLC s. Also separate GL
code and Office Account for payment of Commission to the DSAs/HLCs has been
created for all Regional offices for enabling them to pay commission.
A separate GL code (54076) has been opened for payment of Commission to these
DSAs and HLCs for sourcing of Housing Loans to our Branches. Two Separate
accounts; each for DSA and HLC commission payment has been opened at all
the Regional Offic e s and rights has been given for both Debit and Credit of
entries. The details of these accounts are:
Please note that Regional Offices will be responsible for consolidation of these
accounts. At any given point of time, commission reported under portal and GL
balance should be tallied.
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Circular Title: Housing Loan Campaign- Commemoration of Foundation Day -
"Milestone 6000"
(Ref.: Circular Letter to all Branches / Regional Offices/ Zonal Offices/ other Offices
dated 04.12.2019) Issued by: Treasury Department.
Gist of Circular: In order to enhance ease of doing business and facilitate efficient
data processing for payment of import transactions and effective monitoring
thereof, Import Data Processing and Monitoring System (IDPMS) has been
introduced by RBI in the year 2016. In terms of RBI Circular No. A.P. (DIR Series)
Circular No. 27, dated January 12, 2017, submission of hardcopy of Evidence of
Import documents i.e. BoE has been discontinued, with effect from December 01,
2016, as it is available in IDPMS. Accordingly, the BoE message master data
received from RBl's 1-EDPMS portal is made available in FINACLE. Based on the BoE
details (BoE number, port code and date) as received from the Importer, AD
branches have to take printout of BoE message data from FINACLE. The same BoE
printout could be utilized for settlement of rela ted outstanding Outward
Remittance Entries in FINACLE. This procedure is applicable only for BoEs dated on
or after 1st December, 2016.
Gist of Circular: Earlier Short Inspection was conducted to ensure compliance level.
However, on perusal of performance / results by Joint Share committee of
Inspection. Risk Management and Compliance, it is decided that the format is
changed in order to ensure compliance very near to the transactions/events.
Hence we have reviewed the existing format and revised in order ensure above
objective. The revised format is enclosed. The word copy is available in download
under Inspection department in IOBONLINE. The revised format comes to effect
from Apr-Sept 2019 half year. The nodal officer for Short Inspection is Ms.Thenmozhi,
Manager, Inspection Department, Central Office and contact no. is 044 28519563.
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(Ref.: Misc/645/2019-20 dated 19.10.2019) Issued by: Inspection Dept.
Gist of Circular: In Case of High Risk awarded, Regional Manager shall visit the
branch within 3 working days of inspection report date and take necessary steps for
improvement. Communication with the initiatives taken for improvement with
timelines shall be sent to respective inspectorates (Now ZAO). Change in Branch
Management, strengthening branch team etc., Introduction of Concurrent Audit
System in the Branch.
In terms with above guidelines, now revised Quarterly Progress Report (QPR) on High
Risk Branches is to be submitted within one month from the end of each Quarter
until the branch is upgraded to Medium or Low Risk. The Report is to be submitted
to the respective Zonal Audit Office with copy marked to Inspection Department,
Central Office. The word copy of the QPR is available under our Department in
IOBONLINE.
Gist of Circular: Recently one incident came to the notice of bank that a series of
unauthorised transactions was put through CBS in Office account. Also the
Password authorisation was misused in these transactions. These kind of incidences
reveal that the existing systems and procedures are not followed. Misuse of
password or sharing of password to a colleague is a gross negligence. Apart from
monetary loss to the bank, these result reputational loss to the bank. Hence
precautions to be taken to avoid such incidents.
Gist of Circular: The internal controls, as advised by Central Office from time to
time, are to be adhered on a timely basis without deviation and laxity. Any major
incident is occurred or serious irregularities are reported by respective authority, our
focus first will be on control areas deficiencies on Short Inspection conducted at
branches. If any deviations are surfaced with regard to non-adherence of Systems
and Procedures by branches even after conducting short inspection or not
conducting short inspection timely, the following members will be held responsible,
1) The auditor conducting Short Inspection, 2)2nd Line at Regional Office, 3)
Inspection Department at Regional Office.
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Gist of Circular: it has been decided to provide additional role functions to Zonal
Audit Offices hitherto handled by Inspection Department, Central Office. Zonal
Audit Head is responsible for its implementation of their role functions as advised by
Central office from time to time and ensure that audit matters are closed at the
earliest. Zonal Audit Heads are now been provided discretion to call for explanation
from the Officers/Branch Heads at Branches, Regional Offices or any other Units
within the jurisdiction of Zonal Audit Office for the following audit matters. A. OCAS
B. RBIA- FRC C. Short Inspection D. Jewel Loan Inspection E. Concurrent Audit F. RBI
Inspection at Currency Chest and other branches G. Leakage of income H.
Currency Chest & AD Branches by RO I.Special Report J. LFAR K. High Risk Branches.
Gist of Circular: Concurrent Audit System is one of the most effective tools used in
the Internal Control Mechanism. The following operational instructions are issued in
order to strengthen the internal control mechanism: 1) RO Inspection should ensure
that concurrent audit report is released in eTHIC software on or before 7th of
succeeding month 2) The concurrentaudit review meeting should be conducted
by Regional Offices within 20 days after the end of the quarter 3)The Regional
Offices to peruse all the concurrent audit rep orts and ensure that the auditors
cover all the areas of operations and record their observations including zero
tolerance, income leakage, etc. 4) It is should be ensured that the concurrent
auditors peruse other audit rep orts like RBIA, LFAR, Stock Audit, Revenue Audit, RBI
Inspection Report, etc. and comment on the status of compliance by branches
under Compliance Product available in eTHIC software.
Gist of Circular: The guidelines and circulars issued upto 30.11.2019 by inspection
department have been incorporated in this compendium which will be handy and
ready reference document for guidance to all the concerned. The policy of RBI
issued from time to time or changes approved by top management / board by
issue of circular shall prevail in the event of any deviation from the contents of this
compendium. Branches are advised to be guided accordingly.
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Gist of Circular: Reference is invited to earlier circulars with no. ADV /562/ 2014-15
dated 25.03.2015 and ADV/592/2015-16 dated 04.07.2015 advising salient features
of the IOB SME Easy Scheme. Consequent to further inputs received from RO/
Branches, the modified scheme is released.
Out of all the MSME schemes introduced by our Bank, the present scheme has
gained much momentum due to its unique feature of security backing by way of
liquid/immovable properties as against the traditional stocks and book debts and
non-insistence of periodic submission of stock statements. The scheme is a tailor
made scheme to suit the various financial requirement of MSE sector.
Branches are advised to extend credit under the scheme & utilize this opportunity
to increase their exposure to MSME sector, without compromising on the quality of
credit.
Circular Title: Interest Subvention Scheme for Kisan Credit Card (KCC) to fisheries
and Animal Husbandry farmers during the years 2018-19 and 2019-20
Circular Title: KVIC Is Charging Nominal fee (Rs.500) from Beneficiaries under PMEGP
Gist of Circular: The Competent Authority has decided to allow KVIC to charge a
nominal fee of Rs.500/ - only from those PMEGP applicants whose loan has been
sanctioned. The amount of Rs.500/- will be deducted while releasing the Margin
Money subsidy in respect of the beneficiary to the Financing Bank. KVIC has
advised the Implementing Agencies and Financing Banks to take note of the
guidelines.
Gist of Circular: The revised policy on KYC norms / AML standards / CFT and
obligations of the bank under Prevention of Money Laundering act on the basis of
aforesaid directives was approved by the Risk Management Committee of the
board on 10.09.2019. The policy is revised based on master direction which is
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updated upto 09.08.2019 for the benefit of branches, Regional office, Zonal office
and other offices.
Gist of Circular: Under IOB Loan Secure Insurance Policy - New Insurance Plan,
coverage can be provided to any individual borrower/s who have availed loans in
IOB like Educational Loans, Housing Loans, Vehicle loans, Clean loans, personal
loans, MSME/SME Loans including Mudra Loans, Gold Loans etc., and also other
loans supported by collateral security. Existing NPA accounts can also be covered
under this policy. Principal loan borrowers and CoApplicants from age 20yrs to 65
yrs & staff members can also avail this policy for the loans availed by them in our
Bank. Sum insured option available ranging from Rs.50000/- to max Rs.3 Crores.
(Ref.: Master/50/2019-20 dated 25.10.2019) Issued by: Marketing & Devpt Dept.
Sanction letters for the loans covered nunder the scheme with applicable rate of
interest as RLLR, should be issued mentioning RLLR in the place of 'Base
Rate/MCLR in F-568.
Circular Title: REVISION IN MARGINAL COST OF FUNDS BASED LENDING RATE (MCLR)
w.e.f.10.12.2019
Gist of Circular: ALCO in its meeting on 06.12.2019 has decided to keep the
present MCLR as unchanged for all tenors at existing level. It may be mentioned
here that the Strategic Premium and Risk Premium will also continue to be at
the current levels until further review. One Year MCLR is 8.50%.
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Gist of Circular: IOB Health Care Plus (Revision) Product is a revamped health
insurance solution offered by USGICL for all our customers (including NRls where
treatment in India only is covered under the scheme) with more features and value
additions are included at a revised premium.
Gist of Circular: The Reserve Bank of India has issued a number of guidelines/
instructions on Lead Bank Scheme from time to time. This Master Circular
consolidates the relevant guidelines/instructions issued by Reserve Bank of India on
Lead Bank Scheme up to June 30, 2019. Branches and Lead bank office may be
guided by the circular.
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Compiled by: (RANJAY KUMAR JHA)
Chief Manager (Faculty), Staff College
Circular Title: Scheme for extending financial assistance to Sugar Mills for
Enhancement and Augmentation of Ethanol Production capacity
(Ref.: ARI/203/32/2019-20 dated 21.10.2019)
Issued by: ARID
Gist of Circular: NABARD has issued operational guidelines on the above scheme
vide their circular no. 263/DoR-67/2018 dated 12.10.2018. Interest subvention on
Loan Amount will be limited to 5 years, including one year moratorium period. The
period of 5 years is to be reckoned from the date of Disbursement of 1st Installment
of loan for a period of 5 years only, reckoned from the day of disbursement of First
Installment of Loan.
Circular Title: Sovereign Gold Bond Scheme 2019-20 Series V to X
(Ref.: Transient Series File 7-D Circular No. 20/2019-20 dated 10.10.2019)
Issued by: Government Account Department
Gist of Circular: Government of India in consultation with RBI has announced the
Sovereign Gold Bond Series 2019-20 Series V to X. Sovereign Gold Bond Scheme is a
golden opportunity for increasing our fee based income as Bank is getting a
commission of 1% on total subscription amount. The SGB will be issued in six tranches
from October 2019 to March 2020 as per the calendar specified below:
S.N. Tranche Date of Subscription Date of Issuance
01 2019-20 Series V October 07-11,2019 October 15,2019
02 2019-20 Series VI October 21-25,2019 October 30,2019
03 2019-20 Series VII December 02-06,2019 December 10,2019
04 2019-20 Series VIII January 13-17,2020 January 21,2020
05 2019-20 Series IX February 03-07,2020 February 11,2020
06 2019-20 Series X March 02-06,2020 March 11,2020
Features and other details are enumerated in RBI circular on the above dated
September 30,2019.
Circular Title : Information Security –Education Series “Skimming”
(Ref.: ITEC/176/2019-20 dated 14.11.2019)
Issued by: Information Security Department
Gist of Circular: The department has issued an Education series circular on
Skimming. The readers are advised to go through the above circular to make
themselves aware to make the customer aware about Skimming.
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Circular Title: Annual Performance Appraisal Report (APAR), Revision of KRAs &
Dispensing of QPR Implementation.
(Ref.: Transient Series File 7(F) Circular no. 88/2019-20 dated 10.10.2019)
Issued by: HRDD
Gist of Circular: The allocation of marks for APAR on different KRAs have been
revised/modified vide above circulars. Readers are advised to go through the
above mentioned circular for better understanding of KRAs and Marks Allocation.
Circular Title: Tips for Improving Success in E-Auction for Sale of Securities
(Ref.: Transient Series File(E) Circular no. 11/2019-20 dated 10.10.2019)
Issued by: SAMD
Gist of Circular: The department has issued various tips to improve the success rate
of E-auction. Readers are advised to go through the above mentioned circular and
make maximum use of it make maximum recovery in NPA accounts.
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Circular Title: Unauthorised disclosure of Internal Guidelines/Communications in
Social Media
(Ref.: Transient Series File 7(f) Circular no. 101/2019-20 dated 24.10.2019)
Issued by: Industrial Relation Department
Gist of Circular: The above circular reiterates the various guidelines on prohibition of
staff members to put Bank’s internal guidelines on Public Domain.
Circular Title: User Level Action to Contain Cyber Attacks Prevent, Protect and Don’t
Compromise
(Ref.: ITEC/171/2019-20 dated 22.10.2019)
Issued by: Information Security Department
Gist of Circular: This is an education series circulars issued by departments on used
level action. Readers are advised to go through the circular for better compliance
and preventive measure.
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Circular Title: Withdrawal /Stoppage of Additional Monthly Benefits Extended to Staff
Members for Non-Performance/ Under Performance in the Growth of Branch
Business
(Ref.: 7(f)/97/2019-20 dated 22.10.2019)
Issued by: HRMD-IR Section
Gist of Circular: The following additional benefits to staff members in the branches
are linked to achievement/performance in certain parameters:
1. Monthly Reimbursement of Conveyance Allowance
2. Monthly Reimbursement of Telephone / Mobile Rental Charges
3. Monthly Reimbursement of Cost of News Papers
4. Reimbursement of Entertainment Expenses
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Compiled by: (Padamjeet Dahiya)
Senior Manager (Faculty), Staff College
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d) Business related transaction like administrative expenses in INR outside IFSC,
INR amount by sale of scrap, Govt. Incentive in INR etc
26
Circular Title: Frauds in media sector- Analysis by CVC
(Ref.: MISC /653/2019-20 dated 01.11.2019)
Issued by: Risk Management
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Compiled by: Jeetendra Kumar Panda
Senior Manager (Faculty), Staff College
Circular Title : KVIC Started Online EDP training programme under PMEGP
Ref.:ADV/428/2019-20 dated 16.11.2019
Issued by:MSME Dept
Gist of Circular: KVIC has introduced an online training portal and also a mobile
app which is made live w.e.f. 22.10. 2019.The e-portal can be accessible from the
e-portal (www.kviconline.gov.in/pmegp) or through KVIC website
(www.kvic.org.in). The portal can also be accessed through url
www.kvic.udyomi.org.in. The play store app name is “Udyomi” which has 11
modules of various of subjects and topics in line with EDP syllabus. The PMEGP
beneficiaries have to register on the online portal/mobile app through their
registered mobile no. or applicant ID of PMEGP Portal. A helpdesk also made
available to address the issues on 07526000333/07526000555 or through email:
helpdesk@udyami.org.in
Gist of Circular: Since all the branches of the agency banks are on CBS platform, all
the agency banks (Public/Private Sector Banks), shall remit the physical
government receipts collected by the branches of the banks to Government
Account in RBI on the next working day i.e. T + 1 (including put through) where T
stands for the day when amount is received by the dealing branch. For the
branches falling under North Eastern States, the specified time for remittance would
be T+2 days (including put through).
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Circular Title: Revision of threshold limit for simplified procedure for settlement of
claims in respect of deceased constituents.
Ref.: Master/53/2019-20 dated 25.11.2019
Issued by: Law Department
Gist of Circular: Board in its meeting dated 04.11.2019 has approved the revised
threshold limits for simplified claim settlement procedures. The revised threshold
limits are as below:
In case threshold exceeds the power granted to branch heads, the papers have to
be submitted to regional offices which is empowered to sanction upto Rs. 100000/-
under simplified procedure.
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Ref.: Transient series (File 7D) circular no 26 of 2019-20 dated 18.11.2019
Issued by: Government Accounts Department.
Gist of Circular: SGBs are issued in the form of Government of India Stock and are
held either as Bond Ledger Account (BLA) in RBl's E-Kuber system or as
dematerialised bond with the Depository. The investors are issued GOH as a proof of
investment if the bonds are held in BLA account with RBI. In case. the bonds are
held in dematerialized forms; the title of a holder could be verified from the demat
statements provided by Depositories.
As regards the lien marking rights in case of bonds held in BLA form, the same is
provided to the banks. It may be mentioned that in order to create a valid lien, the
lien marking should be recorded by the banks extending the loan by using the
facility provided on the E-Kuber portal. In case of dematerialized bonds, the lien is
marked by the depositories in line with the practice followed for stocks and shares
which are accepted as collateral by the banks. The detailed procedure for marking
of lien is provided in the user manual on RBI website under the link for guidance.
Circular Title: Clarification on Repo linked Lending Rate (RLLR) for Retail Loan
Ref.: ADV/412/2019-20 dated 04.10.19
Issued by: Retail Banking Division.
Gist of Circular:
Repo linked Lending Rate (RLLR) has been introduced to select Retail
schemes - Housing, Vehicle, Education, Clean loans w.e.f. 01.10.2019.
sanctioned/disbursed only under Repo linked Lending Rate system with MCLR
remains unchanged for these loans.
The effective interest rate for these schemes - Housing, Vehicle, Education,
Clean loans will be RLLR + Applicable spread as published by Bank from time
to time.
Reset of RLLR will be done by the Bank minimum once in three months.
The existing loans/ credit limits linked to MCLR/Base Rate/BPLR shall continue
till repayment/renewal as the case may be.
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Branches must update the mobile number/email id for all new/migrating RLLR
based loans.
Circular Title: Enabling Cash Deposit Failure Transaction (through Cash Recycler)
complaints under SPGRS
Ref.: ITEC/177/2019-20 dated 19.11.19
Issued by: Digital Banking Department.
Gist of Circular: New option has been created to lodge complaint for failed cash
deposit transactions initiated through Cash Recycler in SPGRS module. Steps to be
followed by branches to lodge deposit failure complaints in SPGRS module also
given in the above circular.
Gist of Circular: The Prevention of Money-laundering Act, 2002, and rule thereunder
require every reporting entity to furnish to FIU-IND information relating to following
transactions of their customers every month-
All cash transactions of the value of more than rupees ten lakhs or its
equivalent in foreign currency;
All series of cash transactions integrally connected to each other which have
been individually valued below rupees ten lakh or its equivalent in foreign
currency where such series of transactions have taken place within a month
and the monthly aggregate exceeds an amount of ten lakh rupees or its
equivalent in foreign currency.
Audit by Inspection department observed some instances of large value cash
deposits of customers in office accounts (like Sundry creditors miscellaneous
account, NEFT Sundry creditors account, CCO account etc.) and simultaneous
transfer/withdrawal from the same account which will bypass CTR/STR rules. Such
types of practices may result in wrong reporting of CTR as cash 1s deposited in
internal accounts and transferred to Customer's account, hence branches to desist
from such practice in future and not to accept any cash transaction on behalf of
customers through any office /internal accounts.
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government transactions to Reserve Bank, it has been decided with the approval of
Comptroller and Auditor General of India that will be made applicable to State
government transactions also i.e. ignoring petty claims of penal interest involving
an amount of Rs. 500/-or below and excluding them from the purview of penal
interest, and applying the limit of penal interest of Rs. 500/- on per transaction basis.
Circular Title: New Jewel Loan Scheme exclusively for Women “IOB
SWARNALAKSHMI”
Ref.: ADV /422/2019-2020 dated 06.11.2019.
Issued by: Jewel Loan Cell, Agriculture and Rural Initiatives Dept.
Gist of Circular: In order to make our Jewel Loan portfolio more competitive, a new
Jewel Loan scheme namely 'IO8-SWARNALAKSHMI' is launched with some
attractive features exclusively for women.
a. Exclusively for individual women.
b. Only for domestic/non-productive purposes, for which no rigorous
assessment /end use verification required.
c. Lower interest rate.
d. Lower processing charge.
e. No Security delivery charge at the time of closure.
f. Free Insurance cover of Rs.2 Lacs under PMSBY.
g. Quick sanction at reduced TAT.
h. Preference to the scheme and beneficiaries over others at the time of
sanction.
For details of the scheme please refer to the Circular quoted above.
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Circular Title: Fraudulent availment of Duty drawback on the basis of
forged/fabricated CDFs -Modus Operandi.
Ref.: Circular Letter to all Branches / Regional Offices / Zonal Offices/ other Offices,
dated 21.10.2019
Issued by: Treasury Department.
Gist of Circular: RBI has advised that fraudsters, in the pretext of claiming payments
to be received for the exports made, have been exploiting the Duty drawback
facility available for exporters by submitting fake/forged Currency Declaration
Forms along with foreign currency procured from the local market/FFMCs and by
furnishing incorrect travel documents. To prevent the same, RBI has advised the
Bank to exercise caution while processing such claims.
In this connection, our bank has advised that all branches to exercise caution while
processing Export Documents/Duty drawback claims of the export customers and
ensure that the documents submitted are genuine and the payment received is
through approved channel for genuine export transactions
Circular Title: Diversion of Funds by borrowers operating Current Account with other
Banks.
Ref.: MISC/640/2019-20 dated 10.10.2019
Issued by: Banking Operation Department.
Gist of Circular: IBA vide it circular dated June 07, 2017, has suggested a self-
disciplined mechanism for Banks with regard to accounts having an exposure of Rs.
5 Crore and above from the Banking industry as given below:
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Circular Title: Export Credit Insurance for Banks (ECIB)/ WT-PC and WT-PS for the year
2018-19. Payment of Premium for year from 01.07.2019 to 30.06.2020
Ref.: MISC/665/2019-20 dated 12.11.2019
Issued by: Banking Operation Department.
Gist of Circular: Our ITD has confirmed that necessary changes in premium master
has been done in Finacle Master and instructed to adhere the following procedure
for remittance of ECGC Premiums for WTPC and WTPS.
1. System will calculate ECGC Premium Amount with the revised premium rates
from the month of October, 2019.
2. Branches to calculate the rate difference premium manually (as it has been
done hitherto) for the period from 01.07.2019 to 30.09.2019 and remit to ECGC
accordingly.
1. ECGC premium calculation menu for post shipment is not given to any
branch as some issues are identified and rectification is under development.
Circular Title: RENEWAL OF ECIB (EXPORT CREDIT INSURANCE FOR BANKS) WT-PC AND
WT-PS FOR THE YEAR FROM 01.07.2019 TO 30.06.2020.
Gist of Circular:
34
Ref.: Misc/679/2019-20 dated 10.12.2019
Issued by: Banking Operation Department.
Gist of Circular: The BOARD, in recent meeting, has observed lot of variation to the
budget figures and actuals so also found major fluctuations which should be
avoided especially due to errors in vouching. On analysis, it is found that major
variation is occurring mainly due to following reasons:
Gist of Circular: Branches having FCRA accounts are advised to comply with the
below requirements immediately:
FCRA Registration Particulars like, Registration Number, Date of Opening/
Permission, Validity/Expiry Date. Copy of Latest Valid Certificate should be
held at branch with account opening form and other records.
Account Masters should contain the OVDs stipulated for KYC Compliance.
Risk Profile/ Categorization and threshold limit is to be done/updated.
Few Accounts are either dormant or inoperative for which branches to take
up with the constituents and update the current status of account.
In case of any account do not fulfill the compliance requirements, such
account should be closed immediately by sending notices to the mandate
holder/s.
In case credit is received through NEFT /RTGS, branch to obtain/hold the
remittance details, viz. name of sender/remitter, bank, country, etc. with a
copy of related SWIFT Message from the local money transmitting bank.
Bonafide of credits should be ensured before allowing withdrawals against
the credit.
Caution/POP UP Messages of our System should be followed in true spirit.
Remittances/Credits from Negative List Organizations/Countries, if any
noticed, should be reported with complete details to RO/ZO/CO immediately
35
besides freezing the operations in that specific account until receipt of
regulatory directives.
Circular Title: FIRMS - NON-REGISTRATION OF ENTITIES IN ENTITY MASTER
Ref.: Circular Letter to all Branches / Regional Offices / Zonal Offices/ other Offices,
dated 22.10.2019
Issued by: Treasury Department.
Gist of Circular: RBI has introduced Single Master Form (SMF) for reporting the total
foreign investment in an Indian entity as also investment by persons resident outside
India in an Investment Vehicle. In terms of the above circular, the Indian entities
·were instructed to input the data on total foreign investment in the entity master.
Further entities not complying with the above instruction will not be able to receive
foreign investment and will be non-compliant with FEMA, 1999 and regulations
made thereunder. Our bank has received one more advisory from RBI that certain
entities
1. Despite having received foreign investment have not registered for the entity
master and provided the requisite data regarding foreign investment.
2. Have registered for the entity Master but the data provided is incorrect
leading to rejection of forms being filed in SMF-FIRMS.
2. Further, the clients may also be instructed to ensure the correctness of the
data provided in the entity master.
3. In cases where the Foreign investment is received for the constituent through
the account maintained with our bank branches directly, then AD branches
should ensure proper scrutiny of forms/documents as per extant instructions
laid down by RBI with regard to Foreign investment for the correctness of the
data and the requisite documentation.
4. As per the extant instructions of RBI, only exceptional cases are to be referred
to them for advice. In view of it, branches are advised to take up for any
clarification in this regard with RBI through Centralized Foreign Exchange
Processing Cell (CFEPC). In this connection, we invite reference to our
Permanent Circular No. FX/48/2018-19 dated 07.02.2019 nominating CFEPC as
nodal office for handling Trade/FEMA related reference to RBI.
Circular Title: Founder's Day Special SUPER LEAGUE RECOVERY CAMPAIGN, Iob
Resurgence League (IRL)
36
Ref.: Transient Series Circular No: SAMD/ 13 /2019-20/ dated 22.10.2019
Issued by: Stressed Assets Manageement Department.
Gist of Circular:
League I
NPA accounts All the Zones under this segment will be identified for
with an championship based on the performance under the following
outstanding of Two Parameters:
above Rs.3
1. The zones have to resolve 20% of the eligible NPAs with
Crores and up
outstanding of Rs. 3.00 crore to Rs. 25.00 crore as on 30.11.2019
to Rs.25 Crores
2. Recovery of 40% of pending amount is sanctioned OTS
account during FY 2019-20.
League II
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T 10 (TARGET 10) Championship (for Sale of securities under SARFEASI Act)
League III
Triple Triumph Contest {NPA accounts with outstanding above Rs.25 Crores and up
to Rs.100 Crores
Target All the branches under this segment will be identified for
championship based on the performance under the following
parameter:
Circular Title: Policy on Co-origination of loans between Our Bank and NBFC-ND-Sis
for lending to Priority Sector.
Ref.: ADV/ 420 /2019-20 dated 15.10.2019
Issued by: Agriculture and Rural Initiative Department.
Gist of Circular:
38
Part C: Article Corner
Background
AFarmer has availed multiple loans for his agricultural activities and
mortgaged land properties as collateral security. Original Loan granted
branch was merged with a nearby branch as per bank’s reorganization
policy. In the meantime, the borrower deceased and had not paid the loans.
Nevertheless, the surviving legal heirs prevailed upon the present branch
officials to release the title deeds stating that loans availed by their principal
were waived under Agri. Debt Relief Scheme and demanded release of title
deeds as there were no dues to bank.
Findings
The loans availed by the subjects were not waived under Debt Relief Scheme
as borrower was not eligible in view of higher land holdings. Unable to
withstand the pressure, present branch issued letter for release of title
deedsto notifiedcenter branch without properly verifying the old records, viz.
Loan ledger, documents, etc. to ensure liquidation of bank dues and relied
upon the mala fide statements of legal heirs. While the notified branch had
an interaction with the legal heirs on antecedents of the loans, the truth of
39
loan outstanding came to light and disputes exist among family members in
sharing the property.
Lesson
CASE –B: CLAIM AGAINST BANK FOR NON RELEASE OF TITLE DEEDS
Background
Similarto above, another Agriculturist availed Crop Loan and Tractor Loan by
offering his land properties as collateral security. Valid Equitable Mortgage
subsists. After some time, the borrower filed a suit against bankfor return of
documents claiming that the benefits of Agri. Debt Relief Scheme
announced by Government had not been passed on/extended to him and
the case was conducted by the legal heirs after his demise. The case
prolonged for nearly a decade andeven cost and damages sought along
with return of the documents.
Findings
The borrower was not eligible for any relief under Agri. Debt Relief Scheme as
loansavailed prior to the cut-off date announced under the scheme. A
memo to the effect was filed through panel lawyer alongwith the RBI Master
Circular and case was summarily rejected by the court. Subsequently, the
bank was able to recover the amount under Special OTS Scheme in vogue.
Lesson
Regulatory Guidelines were not studied and placed before the competent
court at appropriate times which lead to recurring legal expenses. Recovery
action was not initiated against the secured asset. Had it been happened on
time, bank could have recovered the entire amount as valid mortgage
subsist.
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Part D: Jokes Corner
41
PART E: PUZZLE CORNER
2. Under which scheme, If the value of prime security (FSV for immovable property)
is 200% and above of the exposure, 0.50% interest concession can be extended.
3. KVIC has introduced online EDP training app which is available play store app
for online EDP training?
4. At Present our bank has switched over to a new lending rate called _____ for all
new floating rate loan sanctioned/ Disbursed to retail schemes (i.e. housing,
Vehicle, Education, clean loans etc)
5. The revised discretion of Branch headed by Scale I officer for settlement of claim
against indemnity of the legal heirs (without 3rd party sureties) is Rs. ___
Thousand
6. What is the new menu introduced in Finacle for entering high value cash
transactions
*
Star word:
* * E * *
State Government has to set up these units in each state for solving the delayed
payment issue of Micro & Small Enterprises.
Send your answers to mail id stc@iobnet.co.in with the subject PUZZLE CORNER.
The names of the First Ten staff members with correct answers will be published in
our next edition.
42
Vidya Deepam September 2019
1. ___________ will impose penalty if mortgage particulars are not uploaded on time
into their portal.
C E R S A I
2. KVIC to charge a nominal fee of ____ hundred rupees only from those PMEGP
applicants whose loan has been sanctioned.
F I V E
4. Recently RBI has amended priority sector classification in this sector, and
enhanced the sanctioned limit from 25 crores per borrower to 40 crores per
borrower.
E X P O R T
5. If a branch is awarded HIGH RISK, during the Risk Based Internal Audit(RBIA),
Regional Manager of the region shall visit the branch within _____ days of
inspection report date and take necessary steps for improvement.
T H R E E
Star word:
O V E R H E A D
To increase profit of your branch, increase your non-Interest income and reduce
your Overhead expenses
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