Nothing Special   »   [go: up one dir, main page]
Scribd Logo
Upload

Welcome to Scribd!

  • 41 views

    Re: in Priority: of Rs 50 Per Rs. 100/ of RS. 350/ of With of Rs 25/ and

    Uploaded by

    Deepak Mali
    1. The document outlines modifications made to an existing gold loan scheme based on feedback received. Key changes include rationalizing assayer charges, revising incentives for sourcing new loans, aligning gold rates with retail banking, modifying re-assaying processes, and instructions for safekeeping jewels left with branches after loan closure. 2. Re-appraisal charges were reduced with minimum and maximum amounts standardized. Incentives for sourcing new loans were increased with higher minimum and maximum amounts. 3. Gold rates will now be determined based on the lower of average closing price over 30 days or current rate. A random sample of 2% of pledged items will be re-assayed quarterly by another branch

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Re: in Priority: of Rs 50 Per Rs. 100/ of RS. 350/ of With of Rs 25/ and

    Uploaded by

    Deepak Mali
    41 views2 pages
    1. The document outlines modifications made to an existing gold loan scheme based on feedback received. Key changes include rationalizing assayer charges, revising incentives for sourcing new loans, aligning gold rates with retail banking, modifying re-assaying processes, and instructions for safekeeping jewels left with branches after loan closure. 2. Re-appraisal charges were reduced with minimum and maximum amounts standardized. Incentives for sourcing new loans were increased with higher minimum and maximum amounts. 3. Gold rates will now be determined based on the lower of average closing price over 30 days or current rate. A random sample of 2% of pledged items will be re-assayed quarterly by another branch

    Original Description:

    Original Title

    347 (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document outlines modifications made to an existing gold loan scheme based on feedback received. Key changes include rationalizing assayer charges, revising incentives for sourcing new loans, aligning gold rates with retail banking, modifying re-assaying processes, and instructions for safekeeping jewels left with branches after loan closure. 2. Re-appraisal charges were reduced with minimum and maximum amounts standardized. Incentives for sourcing new loans were increased with higher minimum and maximum amounts. 3. Gold rates will now be determined based on the lower of average closing price over 30 days or current rate. A random sample of 2% of pledged items will be re-assayed quarterly by another branch

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    41 views2 pages

    Re: in Priority: of Rs 50 Per Rs. 100/ of RS. 350/ of With of Rs 25/ and

    Uploaded by

    Deepak Mali
    1. The document outlines modifications made to an existing gold loan scheme based on feedback received. Key changes include rationalizing assayer charges, revising incentives for sourcing new loans, aligning gold rates with retail banking, modifying re-assaying processes, and instructions for safekeeping jewels left with branches after loan closure. 2. Re-appraisal charges were reduced with minimum and maximum amounts standardized. Incentives for sourcing new loans were increased with higher minimum and maximum amounts. 3. Gold rates will now be determined based on the lower of average closing price over 30 days or current rate. A random sample of 2% of pledged items will be re-assayed quarterly by another branch

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    BCC: BR: 11t: jt{l 17.o7.

    2019

    crRcuLAR TO ALL BRANCHES / OFFICES IN INDIA


    ISSUED BY GOLD LOAN (AGRI I DEPARTMENT

    Re: Modification in the Gold Loan Scheme under Agriculture and Other priority Sector
    Advances against the security of Gold ornaments/Jewellery.

    The detail guideline of Gold Loan Scheme und.er Agriculture and Other priority Sector
    advances against the Security of Gold ornaments/Jewellery was advised to the erancfresT
    Offices vide Master circular No-BCC:BR:111:165,dated 30.03.2019. Based on the feedbacks
    received from the operating units, the following modifications have been made in the existing
    scheme which was approved by the Product & Process Approval Committee (ppAC) in its
    meeting held on IO,O7.2OI9.

    1. RATIONALIZATION OF ASSAYER CHARGES FOR RE.APPRAISING :

    Existing provision Approved Modiflcatlon


    Re-appraisal for 50 paisa per Rs. 100/= net 50 paisa per Rs. IOO/= net assayed
    amount of loan assayed value of gold ornaments value of gold ornaments with a
    above Rs 3.00 with a minimum of Rs 251: and a minimum of Rs 25/= and a
    lakh. maximum of RS. 350/= per maximum of Rs. 25O /= per assaying.
    assaying.

    Re-appraisal at 50 paisa per Rs" 100/= net Re appraisal @ Rs lOO/- per packet
    the time of assayed value of gold ornaments during Internal Audit.
    Internal Audit of with a minimum of Rs 25/= and a
    the Branch by maximum of RS. 350/= per
    ZIAD. assaylng.
    *Appraiser charges during sanction
    of loan stands unchanged-

    2. REVISION IN INCENTM BEING PAID TO BCs & BFs FOR SOURCING/cENERATING


    FRESH GOLD LOAN LEADS.

    Existing provision Approved Modification


    Incentive on canvasing fiesh Gold Loan accounts 1020o/o of Incentive on canvasing fresh
    the Loan amount subject to minimum of Rs 25.00 & Gold Loan accounts (0.10% of
    maximum of Rs 250.00 per account payable to Business the Loan amount subject to
    Correspondents (BCs), Business Facilitators (BFs)/ Bank minimum of Rs 100.00 &
    Sakhis/ SHGs, members of the SHGs and members of the maximum of Rs 1000.00 per
    Farmer clubs. account).

    3. ALIGNING THE ADVISING OF GOLD RATES ON DAILY BASIS WITH THE RETAIL
    BANKING DEPARTMENT.
    Existing provision Approved Modification

    To be done by our Treasury Department on To be done by our Treasury Department on


    daily basis taking into consideration averaqe of daily basis taking into consideration
    the last 30 days ciosing price of gold. average of the last 30 days closing price of
    gold or current rate whichever is lower"

    Gold Loan (Agriculture) Department 3rd Floor Baroda Bhawan,RC Dutta Road Alkapuri,Vadodara -

    4> Ph : 9 1 265-2316324, +9 r
    390007.India,
    26s-23r6325 E mai I head. goldtoan @ban kofbaroda.com
    Web : www. ba nkofbaroda,com
    a!" t{ e* a sc\ d
    trffi3ffi MffW ffiffi{ftK#rffiffiw{E#
    4. REVISION IN RE-ASSAYING PROCESS OF THE PLEDGED GOLD ORNAMENTS/
    JEWELLERY:

    Existing provision Approved Modiflcation


    Re-assaying of the Ke-assaylng ot 2oYo or the pledged Gold ornaments/
    pledged iewellery
    Gold in the Gold Loan accounts outstanding at the end of the eactl
    ornaments/jewellery quarter sanctioned during that quarter is to be carried out by
    outstanding at the end of an officer a'd assayer of
    another Branch. The Gold Loan
    the each quarter accounts where re-assaying is to be done will be selected
    sanctioned during that random basis on
    quarter is to be carried accounts
    by the officer of the other Branch. Those
    where re-assaying has already been done will not be
    out by an officer and considered
    for further re-assaying.
    assayer of anottrer
    Branch, in the first month Regional office will ensure completion
    of this exercise in the
    of next quarter. first month of next quarter"

    5. SAFE KEEPING OF JEWELS LEFT WITH THE BRANCHES IN CLOSED ACCOUNTS.

    Existing provision Approved Modification


    Sometimes it might so
    separate record/ register needs to be maintainea for such accounts
    happen that where the pledged jewels are left with the Branch after close of the
    ornaments/ jewellery Gold loan account. Details of the accounts and the identification
    pledged under Gold number etc. will be entered in the Register maintained for such
    loans are left with the purpose.
    Bank even after the
    accounts are closed. To The officer carrying out quarterly verificationf re-assaying will also
    safeguard the interest carry out verification of all such packets and tally it with the
    of the Banks, the system / record maintained.
    Branch should
    charges of Rs 100/: per month are to be levied for each 30
    maintain a record for
    completed days, the jewel remains in the custody of the branch and
    ready reference of all
    jeweis pledged and left will be credited to Incidental charges A/c No-XXXXoo42Toroo6
    with the Bank even Branches to incorporate a clause in the sanction letter to effect that
    after the respective "charges of Rs 100/= per month will be levied for the jewel remains
    jewel loans are closed, in the c'stody of the branch after closure of the loan account,'"

    It is further clarified that Branches can utilize the services of assayers of erstwhile Vijaya
    Barlr'l Dena Bank who were on their panel as on 31 .O3.2OI9. Any fresh empanelment of
    assayers will be done as per guidelines mentioned in our Master Circular No:
    BCC:BR: 111: 165 dated 110.03.2019.

    We request all the Branches /Offices in India to take a careful note of the above
    modifications
    in the scheme and ensure compliance.
    Yours faithfully,

    (Deb
    Deputy General Manager

    Ficulture) Department 3rd Floor Baroda Bhawan,RC Dutta Road Alkapuri,Vadodara -


    390007,India.
    265-23 16324, +9 I 265 -23 16325 E ma i I head. goldloa n@ bankofbarooa. com

    Web : www. bankofbaroda.com

    You might also like