Do you know that a Bank Debt Recovery Agent has to pass an IIBF Examination?

            

Debt Recovery Agents are part of the financial space all over the world. The Lenders turn too specialized teams for recovery of their Non-Performing Assets.

            Over the years, due to various factors, Indian Debt Recovery Agents become very aggressive. Reserve Bank of India was flooded with customer complaints on the rude behavior by the Debt Recovery Agents.

            To bring in professionalism into the Debt Recovery process, Reserve Bank of India, in paragraph 172 and 173 of the mid-term review of the Annual Policy for the year 2007-08, announced the guidelines for Debt Recovery Agents engaged by Banks.

            Reserve Bank of India has advised the Indian Banks' Association to formulate, in consultation with Indian Institute of Banking and Finance (IIBF), a certificate course for Debt Recovery Agents who have undergone 100 / 50 hours of training.

The existing recovery agents had to within a period of one year had to undergo the above training and obtain the certificate from IIBF.

Going ahead, the service providers engaged by Banks / NBFCs should employ only such personnel who have undergone the above training and obtained the certificate for the purpose of recovery from IIBF.

The course has been designed through a consultative process with senior executives of Indian Banks Association (IBA) and banks.

Despite RBI guidelines, significant number of banks’ recovery agents harasses defaulters the age-old way.

Adhikrut Jabti Evam Vasuli Managed by TEAM OF YOUNG WOMENS came into operation in the year 1998

IBA - Conferences

IBA  - Conferences

Indian Bank Association – IBA regularly organizes conferences on various banking issues.

The conferences are paid events and the participants have to remit the conference fees.

Till 2010, IBA used to collect the same through Demand Drafts/Pay Orders

However, in 2011, it has introduced an ePayments option too i.e. SWIFT and NEFT mode.

A sample registration form can be accessed @

http://www.iba.org.in/events/2011Registration.pdf

This is a great way to popularize ePayments.

The ePayments option can be adopted by other Conference Organizers too.

Cheers to IBA.

Indian Bank Holidays 2010 – Haryana  

Banking Holidays in India are to be declared under Negotiable Instrument Act, 1881.

Sec 25 of that Act speaks of that: 

QUOTE

25. When day of maturity is a holiday. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day. 17 Explanation.-The expression " public holiday " includes Sundays: 1** * and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday

UNQUOTE

This is precisely the reason why the declaration has to be made either by the Central or State Governments.

Normally, the respective State Governments declare Banking Holidays under Sec 25 of Negotiable Instrument Act, 1881.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian Bank Holidays for the Year 2010 – Haryana 

As declared by the Government of Haryana.

  

QUOTE

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2325

December 15, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

 in the State of Haryana

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Haryana for the Year 2010.

We have to clarify that ‘public holiday’ declared by Central/State Governments/ Union Territory, includes ‘Sundays’ as indicated under the explanation to Section 25 of the Negotiable Instruments Act.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(K Ganesan)

Vice President

Encl.

c.c.to:  Associate Members

UNQUOTE

Indian Bank Holidays 2010 – Tripura

Indian Bank Holidays 2010 – Tripura   

Banking Holidays in India are to be declared under Negotiable Instrument Act, 1881.

Sec 25 of that Act speaks of that: 

QUOTE

25. When day of maturity is a holiday. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day. 17 Explanation.-The expression " public holiday " includes Sundays: 1** * and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday

UNQUOTE

This is precisely the reason why the declaration has to be made either by the Central or State Governments.

Normally, the respective State Governments declare Banking Holidays under Sec 25 of Negotiable Instrument Act, 1881.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian Bank Holidays for the Year 2010 – Tripura

As declared by the Government of Tripura

QUOTE

 HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2326

December 15 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

 in the State of Tripura

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Tripura for the Year 2010.

We have to clarify that ‘public holiday’ declared by Central/State Governments/ Union Territory, includes ‘Sundays’ as indicated under the explanation to Section 25 of the Negotiable Instruments Act.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(K Ganesan)

Vice President

Encl.

c.c.to:  Associate Members

UNQUOTE

Indian Bank Holidays 2010 – Gujarat

Indian Bank Holidays 2010 – Gujarat 

Banking Holidays in India are to be declared under Negotiable Instrument Act, 1881.

Sec 25 of that Act speaks of that: 

QUOTE

25. When day of maturity is a holiday. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day. 17 Explanation.-The expression " public holiday " includes Sundays: 1** * and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday

UNQUOTE

This is precisely the reason why the declaration has to be made either by the Central or State Governments.

Normally, the respective State Governments declare Banking Holidays under Sec 25 of Negotiable Instrument Act, 1881.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian Bank Holidays for the Year 2010 – Gujarat

As declared by the Government of Gujarat

QUOTE

 

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2174

December 1, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of Gujarat

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Gujarat for the Year 2010.

We have to clarify that ‘public holiday’ declared by Central/State Governments/ Union Territory, includes ‘Sundays’ as indicated under the explanation to Section 25 of the Negotiable Instruments Act.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(M Venugopalan)

Officer-on-Special Duty

Encl.

c.c.to:  Associate Members

                                                                                                        

               UNQUOTE

Indian Bank Holidays 2010 – West Bengal

Indian Bank Holidays 2010 – West Bengal   

 Banking Holidays in India are to be declared under Negotiable Instrument Act, 1881.

Sec 25 of that Act speaks of that: 

QUOTE

25. When day of maturity is a holiday. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day. 17 Explanation.-The expression " public holiday " includes Sundays: 1** * and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday
UNQUOTE

This is precisely the reason why the declaration has to be made either by the Central or State Governments.

Normally, the respective State Governments declare Banking Holidays under Sec 25 of Negotiable Instrument Act, 1881.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian Bank Holidays for the Year 2010 – West Bengal

As declared by the Government of West Bengal

 QUOTE

  

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2176

December 1, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of West Bengal

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of West Bengal for the Year 2010.

We have to clarify that ‘public holiday’ declared by Central/State Governments/ Union Territory, includes ‘Sundays’ as indicated under the explanation to Section 25 of the Negotiable Instruments Act.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(M Venugopalan)

Officer-on-Special Duty

Encl.

c.c.to:  Associate Members

UNQUOTE

Indian Bank Holidays 2010 – Orissa

Indian Bank Holidays 2010 – Orissa 

Banking Holidays in India are to be declared under Negotiable Instrument Act, 1881.

Sec 25 of that Act speaks of that: 

QUOTE

25. When day of maturity is a holiday. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day. 17 Explanation.-The expression " public holiday " includes Sundays: 1** * and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday

UNQUOTE

This is precisely the reason why the declaration has to be made either by the Central or State Governments.

Normally, the respective State Governments declare Banking Holidays under Sec 25 of Negotiable Instrument Act, 1881.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian  Bank Holidays for the Year 2010 – Orissa

As declared by the Government of Orissa

 QUOTE

 

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2105

November 25, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of Orissa

We enclose a copy of the Government Notification dated 11.11.2008(9) containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Orissa for the Year 2010.

In the said list, the Government of Orissa  has declared 31^st March 2010 instead of 1^st April 2010 as public holiday to enable the banks to close their annual accounts.  Accordingly, we have taken up the matter with the Government of Orissa with a request to issue an amended notification declaring Thursday,  the 1^st April 2010 as public holiday to enable banks to close their annual accounts.  On receipt of such notification, we shall advise member banks.

We have to clarify that ‘public holiday’ declared by Central/State Governments/ Union Territory, includes ‘Sundays’ as indicated under the explanation to Section 25 of the Negotiable Instruments Act.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(K Ganesan)

Vice President

Encl.

c.c.to:  Associate Members

UNQUOTE

Indian Bank Holidays 2010 – Bihar

Indian Bank Holidays 2010 – Bihar 

Banking Holidays in India are to be declared under Negotiable Instrument Act, 1881.

Sec 25 of that Act speaks of that: 

QUOTE

25. When day of maturity is a holiday. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day. 17 Explanation.-The expression " public holiday " includes Sundays: 1** * and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday
UNQUOTE

This is precisely the reason why the declaration has to be made either by the Central or State Governments.

Normally, the respective State Governments declare Banking Holidays under Sec 25 of Negotiable Instrument Act, 1881.

This power is delegated to the State Governments by the Central Government.

I reproduce here below, Indian Bank Holidays for the Year 2010 – Bihar, As declared by the Government of Bihar

 

QUOTE 

HR & Industrial Relations

No.CIR/HR&IR/H6/2009-10/2119

November 24, 2009

All Members of the Association

      (Designated Officers)

Dear Sirs,

Public Holidays for the Year 2010

in the State of Bihar

We enclose a copy of the Government Notification containing the list of public holidays declared under the Negotiable Instruments Act, 1881 in the State of Bihar for the Year 2010.

We have to clarify that ‘public holiday’ declared by Central/State Governments/ Union Territory, includes ‘Sundays’ as indicated under the explanation to Section 25 of the Negotiable Instruments Act.

Branches of banks working on Sundays observe their weekly-off on any other day of the week as decided by the Bank and notified to members of staff and public.  Therefore, all Sundays will be working days for Sunday working branches, except those Sundays declared as holidays by the Central/ State Government/ Union Territory for a specified festival/occasion in a particular year, under the Negotiable Instruments Act.

Yours faithfully,

(M Venugopalan)

Officer-on-Special Duty

Encl.

c.c.to:  Associate Members

UNQUOTE