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During post nationalization period, the Banks branch at Bangkok had separated from IOB
under a new name, Bharat Overseas Bank Limited.
In March 2007, with the merger of
Bharat Overseas Bank Limited, with Indian Overseas Bank, the Bangkok branch has
come to be known as IOB again.
1
-- 1032
-- 955
-- 751
-- 663
-- 3401
We have
The Bank has sponsored three regional rural banks, one viz. Pandyan Grama Bank in Tamil
Nadu State and two, viz. Puri Gramya Bank and Dhenkanal Gramya Bank in Orissa
State. The Gramin Banks in Orissa State were merged to form Nilanchal Gramin Bank in
August 2007.
It also has a wholly owned subsidiary by the name of IOB Properties
Pte., Singapore.
With the change in the Banking scenario in the country, IOB had adopted technology based
services, details of which are furnished below in brief:
All branches of the Bank are CBS branches. The bank has 3401 CBS branches, 4 ECS and
20 Satellite Branches as on 30.11.2015.
At IOB, We provide a bouquet of utilities and services to the customers through various
alternate channels like Internet Banking, ATMs, and Payment Gateway, Kiosk etc to meet
the requirement of the customers.
We
have
about
3775
ATMs
stationed
at
important
locations for the convenience of customers. We offer International debit cards which
double up as an ATM card. Our debit cards /credit cards form part of major ATM sharing
arrangements /consortiums like Cash Tree, National Financial Switch, and VISA which
throws open accessibility to all banks ATMs, having arrangements with VISA
At the time of opening of the account, Welcome Kit, is given to the customers, which
includes Non-Personalized debit cards, internet banking login with temporary password,
passbook etc.
Facilities like Account / deposit / Loan ledger view, Balance enquiry, statement of account,
cheque book request, provision for hot listing of debit cards, funds transfer to
2
accounts held with the Bank, Inter Bank transfers of funds through NEFT, including bulk
remittances through NEFT, are made available in our Internet banking. Scheduling of future
payments is made available to the customers through our Internet Banking channel.
Besides payment of utility bills like electricity bills, insurance payments, payments towards
purchase of Bus/Air tickets, movie tickets, Mobile Top-ups, provision for payments of post-paid
bills, Online payment of Select College fees, Maharashtra Sales Tax payments, Cochin Port
Trust Payments etc is enabled.
In all, we provide e-commerce facility to our customers, to transact business with 4000
merchants, with whom we have tie up agreements. Provision to pay various types of
taxes, i.e. Income tax, service tax, customs tax, e-payment of Tamil Nadu Commercial Tax
etc is also provided.
Similar facilities are also provided through Mobile banking, with a limit of `50000/- per
transaction stipulated by RBI.
The banks Mobile banking is 3GMobile and 3GSIM compliant and offers in addition to
an entire gamut of banking activities, M-Commerce services like air/movie ticketing,
Demat services, facility to suspend ATM debit card, ATM locator, Branch locator etc.
Any Banks credit/Debit card can be used in our Payment Gateway for e-Commerce
/ m-Commerce transactions. Payment of utility bills like Tamil Nadu Electricity Board
energy bills can also be made using any bank credit/Debit card by using our Payment
Gateway.
Facilities like Electronic Clearing System(ECS), Electronic Fund Transfer (EFT), National
Electronic Fund Transfer (NEFT), Real Time Gross Settlement Systems (RTGS), Online Tax
Collection System for Direct and Indirect Taxes are available in all networked branches cross
the country.
Overseas Travel Cards, a more secure option to travelers cheque is made available, in
addition to Foreign Currency Travellers Cheque.
The Bank has facilities for online remittance of money from abroad to India.
The Banks network has strong redundancy in the form of multiple back-up links for
ensuring Business Continuity and extension of banking services on a 24 x 7 basis.
The Bank made a successful debut in raising capital from the public during the financial
year 2000-01, despite a subdued capital market. The issue opened on September 25,
2000 for raising `111.20 crore and was oversubscribed by 1.87 times. The issue
closed on September 29, 2000 - on the earliest closing day. The allotment was made in
October 2000. The Bank had approached public for the second time in Sep 2003 to
raise share capital with a premium of `14 per share aggregating to `240 crore.
The issue was successful with over subscription by 6.14 times. Consequent to the
public issue, the share of the Government in the banks capital came down to 61.25%.
The shares of the Bank have been listed on the Madras Stock Exchange (Regional),
Stock Exchange at Mumbai and the National Stock Exchange of India Ltd.
EXECUTIVE DIRECTOR
(Sarvashree)
(Sarvashree)
Indira Padmini
M.M.Sarangi
Y.C.Jain
P.Madhavan
G.S.Rana
R.S.Varadharajan
S.Balachander
A.V.Pathmaragam
Y.S.Negi
V.Kandasamy
Radha Venkatakrishnan
Lakshminarayana Rao K
R.K.Shetty
B Anantha Narayanan
Parvesh Kapoor
M.Ganesan
K.Parthasarathy
Deepak Sudan
Xavier Thilagaraj
S Venkateswara Prasad
B.P.Mishra
Sankari Palnivel
Balkishan T
Balraj K Sharma
Kunnel Prem, CVO
REGIONAL OFFICES
Ahmedabad
Dindigul
Lucknow
Pondicherry
Bangalore
Ernakulam
Ludhiana
Pune
Baroda
Erode
Madurai
Salem
Berhampur
Guwahati
Mangalore
Thajavur
Bhopal
Hyderabad
Meerut
Tirunelveli
Bhubaneshwar
Jaipur
Mumbai
Tiruchirappalli
Chandigarh
Kancheepuram
Nagapattinam
Thiruvananthapuram
Chennai I
Karaikudi
Nagercoil
Tuticorin
Chennai II
Kolkata I
NCR Delhi
Vellore
Coimbatore
Kolkata II
Panjim Goa
Vijayawada
Delhi
Kozhikode
Patna
Visakhapatnam
Ranchi
Hubli
Jalandhar
Nagpur
Varanasi
Raipur
Mumbai II
Agra
Siliguri
Dehradun
Tirupathi
Warrangal
Mysore
Rajkot
Tiruppur
Indian Overseas Bank has been constituted as a corresponding new bank under
Banking Companies (Acquisition & Transfer of Undertakings) Act 1970. The Bank's
Board is constituted in accordance with The Banking Companies (Acquisition &
Transfer of Undertakings) Act 1970 as amended from time to time and Nationalised
Banks (Management and Miscellaneous Provisions) Scheme 1970 as amended
from time to time. The Board is headed by the Managing Director & Chief
Executive Officer (MD & CEO) who is appointed by the Central Government in
consultation with the Reserve Bank of India. The MD & CEO is appointed in exercise
of powers conferred by clause (a) of sub-section 3 of Section 9 of The Banking
Companies (Acquisition & Transfer of Undertakings) Act 1970 read with sub clause
(1) of clause 3, and sub-clause (1) of clause 8 of Nationalised Banks (Management
and Miscellaneous Provisions) Scheme 1970. The Executive Directors of the Bank
appointed by the Central Government in consultation with the Reserve Bank of
India are also members of the Board. The Executive Directors of the Bank are
appointed in exercise of powers conferred by clause (a) of sub-section 3, of
Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings)Act
1970 read with sub-clause (1) of clause 3 and sub-clause (1) of clause 8 of
Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970.
For further details, the public is requested to refer to The Banking Companies
(Acquisition & Transfer of Undertakings) Act 1970 as amended from time to time
and Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970,
as amended from time to time.
BOARD OF DIRECTORS:
Composition:
The general superintendence, direction and management of the affairs and
business of the Bank are vested in the Board of Directors of the Bank. The Bank
functions under the overall supervision and control of the Board of Directors of the
Bank to formulate the policies pertaining to the Banks functioning. The MD & CEO
and the Executive Directors function under the superintendence, direction and
control of the Board. All the Directors of the Bank, except the MD & CEO and the
Executive Directors, are non Executive Directors. The MD & CEO presides over the
Board.
The Board is represented by persons with diversified professional experience in
various fields. The Directors bring in wide range of expertise and experience to the
Board, facilitating proficient, professional, informed and unbiased direction and
control to the Bank.
The Board and its Committees meet at frequent intervals and guide the Bank to
achieve its objectives in a prudent and efficient manner and to ensure high
standards of customer service, ethical practice and professional management of
the Bank. The responsibilities such as policy formulation, performance review
analysis and controls are discharged by the Board and its Committees.
The strength as on 10.06.2015 is twelve directors comprising three whole time
Directors and Nine non-executive Directors, which includes two directors elected
by the shareholders to duly represent their interest.
The members of the Board (as on 10.08.2015) are:
Sl No
Name
DESIGNATION
01
Shri R. Koteeswaran
02
03
04
05
06
07
08
09
10
11
12
Shri A.B.D.Badushas
Shri N.K. Agarwal
Shri Sanjay Rungta
Miscellaneous Provisions) Scheme, 1970. The date and place of the meeting as well
as the agenda papers are advised to all Directors in advance. The Directors have
access to all available additional information on the agenda. Executives of the
Bank are also invited to attend the Board meetings to provide necessary
clarifications.
COMMITTEES OF THE BOARD:
The Board, in order to facilitate the decision-making process and to provide
specific and focused governance in the important functional areas and effective
control of the affairs of the Bank, has constituted the following committees and
delegated specific powers to them.
The minutes of each meeting are subsequently placed before the next meeting of
the committee for its confirmation and the minutes thus approved by the
committee, are then placed before the Board Meeting for their information.
01
02
03
04
05
06
07
08
Remuneration Committee(RC)
09
Nomination Committee(NC)
10
11
12
13
14
d.
10
To obtain and review half yearly reports from the Compliance Officers
of the functional areas
To review and follow up on the report of the statutory auditors, and all
the issues raised in the Long Form Audit Report (LFAR) and interact with
the external auditors before the finalization of the annual / quarterly
financial statements and reports.
To review and follow up all the issues / concerns raised in the Inspection
reports of RBI.
This committee specially focuses on the follow-up of:
Inter Branch Adjustment Accounts
Unreconciled long outstanding entries in Inter Bank Accounts
and Nostro Accounts
Arrears in balancing of books at various branches
Frauds and all other major areas of house keeping,
The following additional role functions/powers have been entrusted to ACB in
terms of SEBI Committee on Corporate Governance guidelines issued by RBI to
Indian Commercial Banks listed on stock exchanges:
To investigate any activity within its terms of reference.
To seek information from any employee.
To obtain outside legal or other professional advice.
To secure attendance of outsiders with relevant expertise, if it
considers necessary.
The role of the Audit Committee shall also include the following in addition to
the existing role function:
Overseeing of the companys financial reporting process and the
disclosure of its financial information to ensure that the financial
statements are correct, sufficient and credible.
Reviewing with the Management the financial statements with special
emphasis on accounting policies and practices, compliance of
accounting standards and other legal requirements concerning the
financial statements.
11
1.Shri R.Koteeswaran
Shri Atul Agarwal
Shri Pawan Kumar Bajaj
2. Dr.Alok Pande
3.Shri. Chinnaiah
4. Shri Jai Deo Sharma
5. Shri. R. Sampath Kumar
1. Dr.Alok Pande
2. Shri. Nirmal Chand
3. Shri.Ajit Vasant Sardesai
4. Prof. S. Sadagopan
process of due diligence to determine the fit and proper status of the candidates
who filed their nominations for election of shareholder directors.
The Members of the Committee are:
1. Dr.Alok Pande
2. Smt. S. Sujatha
3. Shri Chinnaiah
1. Shri.R.Koteeswaran
2.Shri.Atul Agarwal
3. Shri Pawan Kumar Bajaj
4. Dr.Alok Pande
5. Shri. K.R.Ramamoorthy
6. Dr.T.T.Ram Mohan
**** Two H.R.Professionals
SHAREHOLDERS COMMITTEES:
13) Stakeholders Relationship Committee : ( SRC )
In terms of Sub-clause VI C of Clause 49 of the Listing Agreement, the Board of
Directors of the Bank in April 2001, constituted Shareholders Grievance Committee
of the Board to specifically look into the redressing of shareholder and investor
complaints like delay in transfer of shares, non-receipt of balance sheet, nonreceipt of declared dividends etc. In terms of the revised Clause 49 of the Listing
Agreement, the Committee has been renamed as Stakeholders Relationship
Committee.
The Stakeholders Relationship Committee was last reconstituted on 05.12.2014 with
the following members:
1. Shri.Sanjay Rungta (Chairman of Shareholder Director
the Committee)
2. Shri.Atul Agarwal
Executive Director - Member
Shri Pawan Kumar Bajaj
Executive Director - Member (in the
absence or inability of senior-most ED to
attend the meeting)
3. Shri Niranjan Kumar Agarwal
Shareholder Director-Member
16
17
Region
Region
DSG
AGRA
MANGALORE
CRM
K.R HARIRAM
AHMEDABAD
CRM CHAKRAPANI
MEERUT
SRM
P V VENKATESWARAN
BANGALORE
CRM D. PALANISAMY
MUMBAI
CRM
BARODA
MUMBAI II
CRM
M S HARIHARAN
BERHAMPUR
NAGAPATTINAM
SRM
BHOPAL
SRM S. MURUGAN
NAGERCOIL
SRM
P.K MOHANTY
BHUBANESWAR
CRM E. RAJAKUMAR
NAGPUR
SRM
CHANDIGARH
NCR - DELHI
CRM
S.UMAPATHI
CHENNAI - I
PANJIM GOA
SRM
S. SUNDAR
CHENNAI - II
PATNA
SRM
R. DURAI RAJU
COIMBATORE
PONDICHERRY
CRM
DEHRADUN
PUNE
CRM
DELHI
CRM SANTOSH K
RANCHI
SRM
DINDUGUL
SRM R MATHISELVAN
RAIPUR
SRM
ERNAKULAM
RAJKOT
SRM
RAVI PRABHAKAR
ERODE
SRM K. ANIL
SALEM
CRM
GUWAHATI
SILIGURI
SRM
H.S GOPALAKRISHNA
HUBLI
CRM J.SURYANARAYANA
YESHWANTHI A
HYDERABAD
CRM SIDDHARTHAN S
JAIPUR
CRM A. KARTHIKEYAN
D.C. KAR
KADPAL JAGDISH
CHANDRA
DEVDUTT PADHI
N. SOMASUNDARAM
V B JOHN IRUDAYARAJ
KUMAR
RANDHIR PRASAD
SINGH
18
TIRUPPATHI
TANJORE
TIRUPPUR
CRM
SRM
SRM
B.A.R. PATRO
JALLANDHAR
TIRUNELVELI
CRM
K.N. MANORAMA
KANCHEEPURAM
CRM K. JEEVANANDAM
TRICHY
CRM
P SUGUMAR
KARAIKUDI
TRIVANDRUM
CRM
SURAJ NATH
KOLKATA I
CRM M. VALAIYAPATHI
TUTICORIN
CRM
KOLKATA II
VARANASI
SRM
VELLORE
CRM
HARI BABU
LUCKNOW
CRM J.SATYANARAYANA
VIJAYAWADA
CRM
RAJBIR
LUDHIANA
CRM B. PRABHAKAR
VISAKAPATNAM
CRM
WARANGAL
SRM
SUNIL KUMAR
MOHABATRA
S.K.UMESH
L.THIRUGNANA
SAMBANDAM
MYSORE
MADURAI
CRM
Public may refer to Branch Details - Region wise of the Banks website for the list of
branches.
Directory of officers and employees, Monthly remuneration received by each of its
officers and employees including the system of compensation as provided in its
Regulations.
The names of Executives at Central Office and the Regional Heads are mentioned
above. The Bank's staff strength in India as on 31st March, 2013 stood at 28,280
comprising 11,895 Officers, 11,937 clerks and 4,448 sub-staffs who are liable to transfers and
therefore it is not possible to publish the list of officers and employees and keep the same
updated from time to time and as such information about any officer or employee of the
Bank, salary and other remuneration can be obtained from the Central Public Information
Officers of the Bank.
Scales of Pay (w.e.f.01/11/2012) for officer employees
The present scales of pay for officer employees are given below: CATEGORY
JMG Scale -I
MMG Scale-II
MMG Scale-III
SMG Scale IV
Scale of Pay
23700/980/7
30560/- 1145/2
32850/- 1310/7
42020/31705/- 1145/1
32850/- 1310/10 45950
42020/- 1310/5
48570/- 1460/2
51490/--Rs. 50030 1460 51490 1460- 52950 1460 -54410 1460 - 55870
1650 -57520 1650 -59170 (Max)
19
SMG Scale V
TEG Scale VI
Allowance and other allowances are calculated on month to month basis as per
the Officers, Service Regulations. Pending amendment to Officers Service
Regulations, an adhoc amount equal approximately to the increase in
emoluments is being paid from July,,2010.
Scales of pay for employees
The present scales of pay for the clerical and subordinate staff with effect from 1st
November 2012, are asunder as per the ninth Bipartite settlement.
CATEGORY
SCALE OF PAY
Clerical
11765/1145/7
655/3
28110
13730/2120/1
815/3
30230
16175/1310/1
980/4
31540
20095/-
Sub-Staff
9560/570/3
325/4
16580/-
10860/655/3
410/5
18545/-
12910
490/4
--
14870/--
( 20 years)
(20 years)
DUTIES:
1.
5.
6.
7.
Signing routine letters and returns (where another Deputy Manager is posted, this
function will be taken up by the Deputy Manager who is senior).
DUTIES:
1.
2.
3.
4.
5.
6.
7.
8.
all transactions in the branch are conducted as per rules in force, and that all
books of accounts are maintained and balanced upto date;
all staff perform their duties entrusted to them and are offered ample
opportunities for career development;
that all correspondence, returns, statistics etc., relating to the branch are
dispatched within the prescribed time schedule;
a high level of customer service is maintained in the branch.
MANAGERS -
POWERS:
1.
2.
3.
Financial and administrative powers as vested by the Management from time to time.
Reporting authority / reviewing authority, as appropriate, for performance appraisal.
Sanctioning Casual Leave / Permission to Deputy Manager / other Deputy Manager
as per rules in force and to recommend to Regional Office for other types of leave.
4.
Signing Special Letters, letters to Controlling Offices and important correspondence
of non-routine nature and signing on returns and business proposals.
5.
To release or withhold, for valid reasons, credit facilities sanctioned at any level.
6.
To take disciplinary action within vested powers or to recommend to the Regional
Manager, in consultation with the Manager (II Line) / Deputy Manager.
7.
To recommend to the Regional Manager, in branch interest, transfer of any staff
member attached to the branch.
DUTIES:
1.
2.
3.
4.
5.
Ensuring that all advances outstanding in the books of the branch are as per
norms/terms of sanction.
Ensuring recovery of the Bank's dues.
Ensuring that house-keeping and customer service and security are maintained by
the Deputy Manager at the full expected level.
Ensuring that branch staff perform their duties and are offered ample opportunities for
career development.
To recommend to Manager, any disciplinary action against any subordinate in the
branch, in consultation with the Deputy Manager.
As far as the Award staff are concerned, their duties and responsibilities are governed by the
Bipartite Settlement.
22
deposit account. Both the residential and official/business addresses of the applicant should
be obtained on the account opening form. Branches should obtain the details of the
occupation of the applicant and record the occupation code number on the account opening
form at the space provided for the purpose. The recording of the occupation code number is
a requirement stipulated by the Reserve Bank of India and would facilitate compilation of
Basic Statistical Returns relating to survey of ownership of deposits.
Details of the forms necessary for the opening of different types of accounts are provided.
The approval to open an account must be given by the Branch Manager. However, in the
case of Term Deposits and Savings Bank Accounts in the names of individuals, the approval
may be given by the Officer in Charge of the Department, except in cases where the
introduction or circumstances of opening of the account require scrutiny by the Branch
Manager. In all other cases, the approval of the Branch Manager must be obtained.
The Official authorizing the opening of an account must satisfy himself that the precautions
prescribed for opening an account have been duly complied with. The opening of accounts
approved by officials other than the Branch Manager must be scrutinized at the end of the
day by the Branch Manager and confirmed by initialing in the space provided in the relative
account opening form.
OBTENTION OF PHOTOGRAPHS
As per the directives of Reserve Bank of India operationalised in our Bank, branches are
required to obtain two photographs from the customers under following categories:
(a) All types of Deposit accounts viz., Savings Bank, Current Account, Term Deposit,
Recurring Deposit, etc.
(b) Resident and non-resident customers.
(c) Pardanishin Women.
Separate photographs need not be obtained for each category of Deposit. The application for
different types of Deposit accounts should be properly referenced. Branches are advised to
bear in mind that photograph cannot be a substitute for specimen signature.
After opening the account one photo must be pasted to the account opening form and the
other must be affixed to the specimen signature sheet.
CATEGORIES OF CUSTOMERS EXEMPTED
Photographs need not be insisted by branches, in the undernoted accounts:
(1) Staff accounts
(2) Banks, Local Authorities and Government Departments
(3) New Savings Bank accounts where cheque facility is not provided
(4) Term Deposit for an amount upto and inclusive of Rupees Ten thousand only.
INTRODUCTION OF ACCOUNTS
All Deposit Accounts should be properly introduced to the satisfaction of the Bank before
they are opened. Obtaining a satisfactory introduction is a legal requirement to ensure
protection to the Bank as a collecting banker under the Negotiable Instruments Act and also
for complying with the directives of Reserve Bank of India in this regard. It is also one of the
means of preventing perpetration of frauds by unscrupulous persons.
Introduction to open an account may typically be from any of the following:
i) an existing account holder who has been maintaining a satisfactorily conducted
account for a period of atleast six months.
ii) a respectable member of the public with acceptable bonafides and well known to the
branch. Opening of such accounts must be approved only by the Branch Manager.
24
Note: Branches should ensure that the introducer knows the prospective depositor quite
well and his period of association with the depositor should be ascertained and recorded
in the account opening form in the space provided in the form.
iii) any permanent member of our Banks staff who has understood the implications of
introducing an account and who is also in a position to certify the bonafides of the
applicant as a respectable person with good reputation. However, when a member of our
staff seeks to introduce a Current Account the Branch Manager must cross check with
him and satisfy himself about the acceptability of the introduction. Such introduction
should be only in the personal capacity of the staff member and not in the official
capacity.
iv) From another branch of the bank in which case the account opening form and the
specimen signature sheet will normally be forwarded, filled in by the branch along with a
covering letter explaining the reasons for opening the account in another branch.
However, if the applicant himself brings the account opening form with the introduction of
another branch, or of an officer working in that branch, the account should be opened
only after verifying the signature of the officer of the other branch introducing the account
and also after making enquiries directly with the other branch.
v) valid Passport or Postal Identification Card (this should be accepted only in the case of
Term Deposit accounts and Savings Bank accounts of the passport holder or postal
identification card holder). When an account is being introduced by another bank, the
reasons for that bank introducing that account to our bank must be specifically
ascertained and recorded, in addition to verifying the authenticity of the signatures of the
officials introducing the account.
Whether a particular introduction is acceptable or not would depend upon the type and
nature of account and the status of the introducer. The decision to accept or reject the
introduction in a given account is entirely that of the Bank. While it is not necessary to divulge
the reasons for not accepting a given introduction either to the applicant or to the introducer,
it is reasonable to expect that the Bank should be clear about the reasons for rejecting a
particular introduction as unacceptable.
The introducer is normally expected to call on the Bank along with the applicant and
introduce the account by completing the necessary certificate(s) on the account opening
forms and also signing in the presence of an official of the Bank.
Accounts may be opened without insisting on formal introduction in respect of NONRESIDENT (EXTERNAL) AND FOREIGN CURRENCY NON RESIDENT accounts provided
that the initial remittance for opening the account has been received through banking
channels in an approved manner along with signature of the depositor duly verified and
attested by the overseas bank, Indian Embassy or Notary Public.
Even in such cases the branch should confirm the identity of the depositor at a later date
when he calls in person by calling for and verifying his current valid passport. The passport
number and date should be recorded in the space provided in the account opening form
under the signature of an officer. The officer should compare the signature of the customer in
the passport with those in the account opening form and ensure that they agree.
ACCOUNTS OF MILITARY PERSONNEL INTRODUCTION
The Commanding Officer of the Unit to which the military personnel belongs should furnish
an introductory letter to the Manager of the branch. Branch may open the account based on
this letter, after verifying the identity card of the Military Personnel which should carry his
photograph with personal particulars including identification marks. After opening the account
the branch should send a letter of thanks to the Commanding Officer and obtain
confirmation. Till such time the confirmation is received debits to the account may be allowed
only against deposits made into the account by way of cash.
25
Initial Remittance
As a measure of abundant precaution, it is better to open an account with an initial cash
remittance. However, there is no bar to opening accounts with the proceeds of bank drafts
payable to the applicant to the account or his self cheque on another bank provided the
introduction is acceptable.
SAVINGS BANK RULES
1. Any person approved by the Bank may open a Savings Bank account upon agreeing to
comply with the following rules:
1-A. A Savings Bank Account may be opened by:
a) a person in his/her own name;
b) two or more persons in their joint names payable to:
i) both or all of them or to the survivor or survivors of them;
or
ii) either or any one or more of them or the survivor or survivors of them;
c) a natural guardian i.e. father or mother on behalf of the minor
d) a natural guardian i.e. father or mother in the joint names of himself/herself and the
minor payable to either or survivor;
e) a person in the name of any minor of whom he or she is the guardian appointed by the
Court;
f) a minor of age ten and above in his/her single name to be operated upon by
himself/herself.
2. In the event of death of anyone or more of the joint holders of accounts opened under 1-A
(b) (i & ii) the balance will become payable to the survivor or survivors without reference to
the representatives of the deceased person or persons. In the case of accounts opened
under 1-A (b) (ii), if payment of an amount is at anytime forbidden by anyone or more of the
account holders, the amount will be payable only on the discharge of all the account
holders or the survivor or survivors of them.
2-A. Accounts under 1-A (c) & (d) will be opened where the funds to be lodged comprise the
guardians own funds and his/her intention is, in the case of 1-A (c) to utilise the moneys for
the benefit of the minor and to eventually make over the balance lying at credit of the account
available to the minor on his/her attaining majority and in the case of 1-A (d) to provide that
with effect from the date the minor attains majority, the account be operated by the minor
also.
In the case where the funds with which the account in the name of the minor is to be opened
devolve upon him/her by gift, inheritance etc., or where the Bank at its discretion, so
considers it necessary, the account in the name of the minor will be permitted to be opened
only by a guardian appointed by a Court, vide rule 1-A (e) and the guard-ianship certificate
must embody an express authority to open and operate an account with the Bank.
2-B. In the case of accounts under rule 1-A (c) & (e), upon the minor attaining majority, the
right of the guardian to operate on the account will automatically cease. Any balance in the
account will be deemed to be the exclusive property of the minor who has attained majority
and further withdrawals will be allowed by him/her alone and not by the guardian.
In the case of an account opened under rule 1-A (d) the minor on attaining majority will also
be permitted to operate on the account on completion of the necessary formalities.
In the event of the death of the guardian before the minor attains majority, the balance in
the account would be payable to the minor on his/her attaining majority or to some other
person appointed by a competent court as the guardian of the property of the minor or
trustee on behalf of the minor prior to his/her attaining majority.
26
5.B. A depositor may deposit money as often he/she wishes. There is no ceiling on the
interest-bearing maximum balance in a Savings Account.
6. Cheques, drafts, dividend warrants and other instruments drawn payable to the depositor
only will be accepted for collection. However, interest warrants issued in the name of the first
purchaser of Public Sector bonds and endorsed in the name of the second purchas-er, and
presented for collection by the second purchaser for collec-tion in his/her/their savings bank
accounts, will be accepted subject to the depositor signing the following declaration on the
deposit slip(s). No drawings against them will be permitted until they are realized.
I/WE, DECLARE THAT I/WE, AM/ARE, THE HOLDER-IN-DUE COURSE AND FOR
VALUE WITHIN MENTIONED INTEREST WARRANTS TENDERED TO YOU FOR
COLLECTION.
Where any cheque drawn on the account is returned for want of funds charges prevailing on
the date of such return will be levied for every cheque so returned upto three time i.e. for the
first three returns and thereafter, the account will be closed with due notice
Any person who requires information regarding products and services viz., deposit interest
rates, service charges and IOB's New Products Viz; IOB-Jeevan - Group Life Insurance
Scheme in association with LIC of India, IOB Health Care - Group Medicaim Insurance
27
Scheme and IOB - Code for customer services and IOB - Code for lenders may kindly log on
to iob.com.
LOAN POLICY
Loan Policy Document is the embodiment of various aspects of our loan policies
forming the basis of various credit decisions. This document enables and helps the
bank and its officials to have first hand knowledge of credit policies and to focus
credit administration efforts in line with broad policy guidelines.
OBJECTIVE OF THE POLICY
Our objective in framing the Loan Policy is given below.
1) To comply with Government /RBI regulations on Capital adequacy, credit deposit ratio,
prudential norms, asset classification guidelines , Risk Management Guidelines etc.
2) To achieve targets fixed for Priority Sector advances including exports,
Housing etc.
3) To reduce NPA portfolio.
4. Deploying funds in a profitable manner.
5.To avail refinance whenever necessary.
6.To take quick decisions in extending credit.
7.To have effective post disbursement follow up.
8.To have a diversified loan portfolio.
COVERAGE OF THE POLICY
This policy document covers the following aspects.
1. Resource Management
2. Prudential Norms
3. Types of loan & Loan Maturity Pattern
4. Risk Management
5.Credit Expansion Suggested Sectoral / Industrial flow.
6.Thrust Areas
7.Terms of Assistance
8. Appraisal , Monitoring and follow up
9.Recovery
Detailed loan policy document is available in Banks website for reference of the
public.
Details in respect of information available to or held by it reduced in an electronic
form.
The information held in electronic form is available in our website iob.com. Public may have
access to the same.
Names, designations and other particulars of the Public Information Officers
For the purpose of providing information to persons requesting for information under this Act
from our Bank, the Bank has already designated its officials as the Public Information Offiers
and their names, designations, address, telephone Nos. Fax Nos., e-mail address are made
available in the Bank;s website iob.com. The details of Public Information Officers of the
Bank are given below:
Officials designated as PUBLIC INFORMATION OFFICERS for providing information to
persons requesting for the information under the Right to Information Act, 2005.
28
Shri P. Madhavan
Deputy General Manager
Law Department
Central Office
Indian Overseas Bank
763, Anna Salai
Chennai 600 002
Telephone: 044 28519529
e-mail - lsd@iobnet.co.in
Appellate Authority
Sri.S.Balachander
General Manager
Law Department
Central Office
Indian Overseas Bank
763, Anna Salai
Chennai 600 002
Telephone: 044 28524177
e-mail - lsd@iobnet.co.in
Appeal, if any, against the decision of the Central Public Information Officer should be
preferred within 30 days to:
The Appellate Authority under RTI Act 2005
Indian Overseas Bank, Central office
763 Anna Salai
CHENNAI 600 002
Telephone: 044-28524177
e-mail: lsd@iobnet.co.in
TRANSPARENCY OFFICER
Deputy General Manager
Compliance Department
Central Office
Indian Overseas Bank
763, Anna Salai
Chennai 600 002
Telephone: 044 2888 9378
e-mail compliance@iobnet.co.in
29
CHENNAI (I)
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MAKER TOWER 'E', V
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33
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2.
3.
Appellate Authority
The Appellate Authority will entertain and dispose appeals against the decision of the
CPIO as required under the Act.
35
a. rupees two for each page (in A-4 or A-3 size paper) created or
copied
b. actual charge or cost price of a copy in larger size paper
c. actual cost or price for samples or models and
d. for inspection of records, no fee for the first hours and a fee of
rupees five for each subsequent hour or fraction thereof.
For providing the information under sub section 5 of Section 7, the fee shall be
charged by way of cash against proper receipt or by demand draft or bankers cheque or
Indian Postal order payable at Chennai favoring Central Public Information Officer, at the
following rates:
a) for information provided in diskette or floppy rupees fifty
per diskette or floppy and
b) for information provided in printed form at the price fixed
for such publication or rupees two per page of
photocopy for extracts from the publication
Fee in any other form namely Court fee stamps, Non judicial stamp Paper, UCR receipt,
Postal stamps etc., are not valid mode of payment of fee towards application or additional fee
and, therefore, not acceptable for the Public Authority like Nationalized Bank under Rule 3 of
RTI (Regulation of Fee and Cost) Rules 2005.
36
37
38
5. SECURITY:
Upto Rs 4 lacs : Co-obligation of parents or Guardian. No security
Above Rs.4 lacs and upto Rs7.50 lakhs : Co-obligation of parents / Guardian together with
collateral security in the form of suitable third party guarantee.
Above Rs.7.50 lakhs : Co-obligation of parents together with tangible collateral security of
suitable value, along with the assignment of future income of the student for payment of
installments.
NOTE:
o The loan documents should be executed by the student and the parent/ guardian as jointborrower.
o The security can be in the form of land/ building/ Govt. securities/ Public Sector Bonds/
Units of UTI, NSC, KVP, LIC policy, gold, shares// mutual fund units/debentures, bank
deposit in the name of student/ parent/ guardian or any other third party with suitable margin.
o Wherever the land/ building is already mortgaged, the unencumbered portion can be taken
as security on second charge basis provided it covers the required loan amount.
o In case the loan is given for purchase of computer, the computer has to be hypothecated
to the Bank.
6. RATE OF INTEREST:
The present rate of Interest (effective date 18.02.2013) is as under. However the interest
rates are subject to change as and when advised by the Asset Liability Management
Committee of the Bank.
Upto Rs.4 lacs 12.25% (Base Rate 10.25% + 2.00%)
Rs. 4 lacs to Rs. 7.5. lacs 13.50% (Base Rate 10.25% + 3.25%)
Above Rs. 7.5 lacs 13.25% (Base Rate 10.25% + 3.00%)
For wards of staff members irrespective of the amount 12.50% (Base Rate 10.75% + 1.75%)
Note:
Simple interest to be charged during the Repayment holiday/ Moratorium period.
Penal interest @ 2% to be charged for above Rs.4 lacs for the overdue amount and
overdue period.
1% concession if interest is serviced during the study period and subsequent moratorium
period prior to commencement of repayment will continue.
The Interest concession of 0.5 % given to the Girl students at the time of disbursement of
loan to continue. If interest is serviced as per the above condition by a girl student, she will
be eligible for 1.5% interest concession in total.
Servicing of interest during study period and the moratorium period i.e. till commencement
of repayment is optional for students. Accrued interest to be added to the principal amount
borrowed while fixing EMI for repayment.
7. APPRAISAL/ SANCTION/ DISBURSEMENT:
Applications shall be received either directly at our branches or through on-line mode.
Upon receipt of application, standard acknowledgement giving a reference number is to be
issued. The acknowledgement will contain contact details of the Branch Manager /
designated official who, could be contacted in case of delay in disposal of application.
Normally, sanction/rejection will be communicated within 15 days of receipt duly completed
application with supporting documents.
Normally, loan application will be accepted by the branch nearest to the residence of
parents. However, the sanction of loan will be as per delegation of powers by the bank.
The loan to be disbursed in stages as per the re quirement/ demand directly to the
Institutions/ Vendors of equipments/ instruments to the extent possible.
No Loan applications to be rejected on any flimsy grounds and without being referred to the
next higher Authority / Controlling Office.
39
The loan to be sanctioned as per delegation of powers preferably by the Branch nearest to
the place of residence of parents. For the parents with transferable jobs, the branches
nearer to the permanent address shall consider the loan.
In the absence of any permanent address, loans to be considered by obtaining a
Declaration letter from the Borrower parent to intimate the Bank about change of address, if
any without fail.
In the normal course, while appraising the loan the future income prospects of the student
will be looked into. However, where required, the means of parent / guardian could also be
taken into account to evaluate re-payment capability.
The loan to be disbursed in stages as per the requirement/ demand directly to the
Institutions/ Vendors of books/ equipments/ instruments to the extent possible.
8. REPAYMENT
Holiday/ Moratorium period Course period + 1year or 6 months after getting job, whichever is
earlier.
Repayment of the loan will be in equated monthly instalments for
periods as under:
For loans upto ` 7.5 lakhs - upto 10 years
For loans above ` 7.5 lakhs - upto 15 years
Note:
If the student is not able to complete the course within the scheduled time, extension of
time for completion of course may be permitted for a maximum period of 2 years.
If the student is not able to complete the course for reasons beyond his control, sanctioning
authority may at his discretion consider such extensions as may be deemed necessary to
complete the course.
In case the student discontinues the course midway, appropriate repayment schedule will
be worked out by the bank in consultation with the student/parent
The accrued interest during the repayment holiday period to be added to the principal and
repayment in Equated Monthly Instalments (EMI) fixed.
1% interest concession may be provided by the bank, if interest is serviced during the
study period and subsequent moratorium period prior to commencement of repayment.
9. INSURANCE
Branches are advised to cover the lives of the students and the parents up to 50 years of
age while granting Educational Loan by covering the loan under our Vidya Jyothi
Educational Scheme with Suraksha with their consent .The loan to be disbursed could
include the insurance premium amount and the insurance policy should be assigned in
favour of the bank.
10. FOLLOW UP/TRACKING
Branches are advised to contact college / university authorities to send the progress report
to the bank at regular intervals in respect of students who have availed loans. In respect of
studies abroad, the branches are advised to insist on the student borrower to provide the
Unique Identification Number (UIN)/ Identity card and note the same in the office records to
enable the bank to track the students studying abroad. The UID number issued by UIDIA is
to be captured in Banks system as and when available.
11. PROCESSING CHARGES
No processing / upfront charges can be collected on Educational Loan for studies in India.
For Study abroad 0.57 % processing charges may be collected while considering the loan.
The fee would however, be refunded upon the student taking up the course.
12. CAPABILITY CERTIFICATE
Some of the foreign university may require the students to submit a certificate from their
bankers about the sponsors solvency / financial capability, with a view to ensure that the
40
sponsors of the students going abroad for higher studies are capable of meeting the
expenses till completion of studies. Branches are advised to issue the capability certificate
for students going abroad for higher studies. For issuing these financial and other supporting
documents may be obtained from the applicant.
13. OTHER TERMS:
13.1. Sanction of loan to more than one child from the same family
Existence of an earlier education loan to the brother(s) and/or sister(s) will not affect the
eligibility of another meritorious student from the same family obtaining education loan as
per this scheme from the bank.
13.2 Minimum Age
There is no specific restriction with regard to the age of the student to be eligible for
education loan. However, if the student was a minor while the parent executed documents
for the loan, the bank will obtain a letter of ratification from him/her upon attaining majority.
13.3.Top up loans
Banks may consider top up loans to students pursuing further studies within the overall
eligibility limit, if such further studies are commenced during the moratorium period of the
first loan. The repayment of the loan will commence after the completion of the second
course and further moratorium period, as provided under the scheme.
13.4 No Due Certificate
No due certificate will not be insisted upon as a pre-condition for considering education loan.
However, Branches may obtain a declaration/ an affidavit confirming that no loans are
availed from other banks.
13.5. Disposal of loan application
Loan applications have to be disposed of in the normal course within a period of 15 days to 1
month, but not exceeding the time norms stipulated for disposing of loan applications under
priority sector lending. No application for educational loan received should be rejected
without the concurrence of next higher authority.
13.6. Co- Obligator
The Co-obligator should be Parent(s)/ guardian of the student borrower. In case of Married
person, the co-obligor can be Spouse or the Parent / Parents in law. However If the joint
borrower has a loan account with the bank and the loan is treated as non-performing asset
the bank may, as a prudent measure insist on a joint borrower acceptable to the bank, in
case of adverse credit history of the parent/guardian of the student.
14. Additional Points to note:14.1. Teacher Training/Nursing/B.Ed. courses will be eligible for education loan provided the
training institutions are approved either by the Central Government or by State Government
and such courses should lead to Degree or Diploma course and not to Certification course.
The revised Model Educational Loan Scheme (2011) covers only merit channel seats for
these courses.
Banks have been considering study loans to students getting admissions to above
mentioned courses under management quota as part of model education loan scheme in the
past subject to the condition that the fee considered for assessment of loan was the fee
stipulated by the regulatory authority concerned for merit seats in the respective
colleges/institutions. The revised model scheme recognizes only merit based admissions. As
such any loan to a student admitted under management quota will be outside the model
scheme.
14.2. The Indian Nursing Council gives permission to nursing colleges to start new courses
for a period of 1 year which is renewed on a yearly basis. The practice of renewing the
41
permission is done on a year-to-year basis for both the existing nursing colleges as well as
the new nursing colleges. Banks can consider applications from student borrowers seeking
education loan for pursuing nursing courses in these institutions which are having provisional
approval / recognition.
14.3. Repayment of the education loan is based on the future earning potential of the
student. Going by the spirit of the scheme, limit of Rs 4.0 lakh (Rupees Four Lakhs)
collateral free loan is student specific and not family specific. There is no restriction on giving
a second or third collateral free loan to other siblings when one of the siblings has already
taken a collateral free loan.
14.4. Banks could consider reasonable lodging and boarding expenses,for the purpose of
fixing loan limit under the scheme, in case the student is not in a position to get allotment for
hostel accommodation within the campus and is required to stay outside the campus in
private accommodation.
14.5. Extension of moratorium period or repayment beyond the time specified at the sanction
would amount to restructuring of the loan and will be governed by the RBI guidelines on
restructuring of advances. However, in case the student takes up higher studies
immediately upon completion of the course, the commencement of repayment would get
shifted to 6 months from employment or one year from completion of the course whichever is
earlier without treating the change as restructuring. This would be so irrespective of whether
the student had taken fresh/top up loan for higher studies or not.
14.6. It is not uncommon for students to take up part-time jobs as permitted by the
institutions where they are studying to part fund their education. So they will not be taking
loan for meeting entire cost of studies (usually amount mentioned in I-20). Branch / RO may
sanction loan for meeting part cost as requested by students in such cases
14.7. Requests received from NRIs can be considered if student is Indian passport holder
and they meet other eligibility requirements. However, it would be necessary to accept as
security any collateral which is enforceable in India.
14.7. The Branches should communicate to the student about the sanction of the loan in
writing. Similarly, whenever loan applications of student borrowers are rejected, Branches
should invariably record the reasons for rejection by the bank.
14.8. Education loan is not sanctioned based on the means of joint borrower who is usually a
parent or guardian.
For loans up to ` 4.00 lakhs, no collateral is taken.
For loans above ` 4.0 lakhs and up to ` 7.5 lakhs, the means of the joint borrower will not be
a factor if acceptable third party guarantee is offered. A
Also, security offered for loans above ` 7.5 lakhs need not necessarily be belonging to the
joint borrower.
14.9. The Aircraft Maintenance Engineering/ Pre Sea training courses must be either a
Degree Course recognized by a competent University or Diploma Course recognized by
appropriate State Body to be eligible for loan. The employability of the students and
employment potential of the courses selected has to be considered while appraising the loan
application.
14.10. Vocational / skill development study courses, off-campus courses and onsite/partnership programmes are not eligible for loan under the IBA scheme
42
14.11. Only degree / post graduation diploma courses pursued abroad are eligible for
sanction of loan under the IBA scheme.
14.12. The student loan will not be affected by any change in asset classification of any
separate bank borrowing of the joint borrower.
14.13. Wherever there is not any Common Entrance Test (CET), students who have got
marks 65% and above, should have secured the admission under Single Window Concept
or as per the practice prescribed by the respective State Government for loan eligibility
under this Scheme.
14.14. Students who have got 65% and above but secured admission under Management
Quota are not eligible for any loan under this Scheme.
14.15. In case of admission to any Deemed university, documentary evidence with regard to
conduct of any Common Entrance Test and selection through Merit based Process must be
obtained by the Branches.
For more details please feel free to approach your nearest IOB Branch
43
In order to meet the legal and regulatory requirements in the context of amendments to
Negotiable Instruments Act 1881, Bankers Books Evidence Act 1891 and Information
Technology Act 2000 additional instructions were issued for the observance of branches /
Regional Office / Departments at Central Office.
44
BOOKS :
I.b.(ii) FILES: :
1. Leave Application and other General Correspondence of Staff who are no longer in
service
2. Stationery indent and Invoices
3. Closed Jewel Loan Applications (From date of closure of Account)
4. Compulsory Deposit Scheme (ITP) Scheme 1974 : All primary records relating to closed
accounts wherever payment has been made to the Depositor/Nominee
45
I.e(ii) FILES
1.
2.
3.
4.
5.
7. Godown Register
8. Godown Inspection Register
9. Bills Purchased and Discounted Register
10. LC Bills Receivable Register
11. Letters of Credit Opened Register
12. Letters of Credit Inward Register
13. Bills for Collection Register
14. Forward Sales Contract Register
15. Forward Purchase Contract Register
16. Forward Sales Register
17. Forward Purchase Register
18. Tokens Record Book
19. Supplementary Cash Book
--------------------------------------------------------------------------------------------------------------------I.f.(ii) FILES
1. Confidential opinions
2. Documents relating to closed advances
3. Half-yearly Balance Statements
4. Central Office Statements to RBI and Registrar of Joint Stock Companies
5. Companies Balance Sheets
6. Closed Account papers under ARDRS 1990
7. All Inspection Reports (in case when an investigation is ending, the reports shall be
preserved till the Investigation is complete /the Vigilance Department permits destruction
in writing
8. Stock Statements relating to Advances
I.g. BRANCHES: : To be preserved for TWENTY YEARS
.
I.g.(I) BOOKS
1. Standing Instructions Register
2. Locker Rent Register
3. Documents Execution Register
4. Profit and loss Supplementary(Pre-revision)
5. Clean Cash Books
6. Suspense Account Register
7. Sundry Creditors Account Register
8. Banker Ledger
9. Charges Register(Pre-revision)
I.h.(ii) FILES
1. All files relating to Merchant Banking activities
2. Indemnities executed by constituents
3. Special letters file
4. Specimen Signature Cards of Closed Accounts
5. Surrendered Safe Custody Receipts
6. Surrendered Safe Deposit Receipts
7. Safe Vault and Safe custody Application
8. Disciplinary Proceedings taken against Bank Award Staff/Officers
9. Claim papers and Documents of deceased constituents
10. Files containing Permanent Circulars and RBI circulars
---------------------------------------------------------------------------------------------------------------------
48