1.Zonal
Office should invite applications as per format enclosed at Annexure ‘G’ from interested parties through advertisements as per format enclosed as Annexure
‘H’(alternatively, the Zonal Office may informally compile a list as per eligibility and request them individually to send their profile/ offer).
2.Applications/expression
of interest/offers to be received only at Zonal Office.
3.
Each Zonal Office may identify reputed organisations
with good track record, in terms of eligibility criteria.
4.*Due diligence
on the background and track record of the Recovery Agent must be undertaken
before identifying and selecting RecoveryAgent.
5.
A Committee comprising DGM/(Zone), AGM, Chief
Manager(Law) /Manager (Law) /Dy. Manager
(Law) and Chief Manager(RR Cell /Manager (RR Cell) at Zonal Office may identify
eligible Recovery Agents. Chief Manager
(RR Cell)/ Manager (RR Cell) will be the nodal officer for the purpose in the
Zone. This committee will submit its recommendation to Dy.GeneralManager,
SAMG, Head Office,Bhavnagar
6.
The list of such identified Agents with proper
recommendation should be submitted to the Stressed Assets Management Group,
Head Office, Bhavnagar
for approval
as per format enclosed as Annexure ‘I’.
7.*After due
approval by the appropriate authority, an agreement containing detailed
terms& conditions as per format enclosed as Annexure ‘J’, Memorandum of
understanding, code of conduct etc shall be entered and executed with Recovery
Agent (Service Provider).*(In line with the Banking codes & Standards Board of India letter
dated 20.09.2007).
8.*Bank
shall investigate all complaint received from the customers about unfair
practices by Recovery Agents and action taken or not taken as the case may be
against the RA will also be reported to the Customer Service Committee of the
Board. (*In line with the Banking
codes & Standards Board of India letter dated 20.09.07).
II.Duties of RAs:
Taking possession of vehicle, as an
Agent of the Bank, in full compliance with the procedure laid down under
the Rules. In no case RAs should resort to unfair means for taking
possession of the vehicle.
Preparing on behalf of the Bank the
panchnama, inventory of the vehicle as per procedure and formats
prescribed.
Arrange, on behalf of the Bank for
storage, maintenance, preservation and locking up arrangements, as
appropriate, of the movable/fixed/immovable assets so taken over.
Arrange, on behalf of the Bank, for
Security, Insurance and/or any other action required to ensure safety of
the asset taken over.
Assist the Authorised Officer of the
bank in arranging for valuation as per laid down procedure.
Assist the Authorised Officer in
arranging for sale of the assets as per any of the modes prescribed.
Assist
the Authorised Officer in receipt of sale proceeds, issue of sale
certificate and all other necessary formalities prescribed.
Ill.Legal aspects of the Arrangements:
The legal
aspects of the arrangements have been examined by Law Department of State Bank
of
India
, Central Office, Mumbai and they have found
no legal hurdles in repossession of securities i.e. commercial vehicles, cars
financed under C&I/SBF/P&SB/SME/AGRIL segment and Tractors financed
under Agriculture segment, if necessary precautions are taken while seizing of
vehicles. A Gist of their opinion in this regard is given in Annexure ‘A’. Our Bank has decided to go by their opinions in the matter,
IV. Payment
of Charges and other dues to Recovery Agent:
Remuneration to Recovery Agents may
interalia. include reimbursement of actual i.e. security, maintenance, insurance,
advertisement, etc. Reimbursement should be within the cap indicated by
the RAs at the time of initial quote. In addition flat management
fee/incentive of recovery can also be
considered.
The charges being paid by the various
circles of State Bank of
India and the same proposed by our Bank are
as under:
Particulars
Bhopal
circle of SBI
Bangalore
circle of SBI
Proposed by our Bank
Seizure
Charges
(Including
Driver Charges,
Travelling
Allowances,and
Labour
charges
a) Truck& Tractors
b) Trailor
c) Tractors with trailor
d) Car,Jeep,Tempo etc.
e) Three wheelers with or withouttrailer / Two
wheelers
*Any charges/ higher charges other than as mentioned above may be decided by Dy.General Manager of the Zone/Region /CNC Branches on case to case basis according to the prevailing rate of the particular area.
