UNION BANK OF INDIA, REGIONAL OFFICE, DELHI SOUTH
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Date: 29.09.2018
UNION BANK OF INDIA, REGIONAL OFFICE, DELHI SOUTH
(6th Floor, 602A, Tower-2, Konnectus Building, Airport Metro Express Line,
Opp. New Delhi Railway Station, Ajmeri Gate, New Delhi 110001)
Union Bank of India invites expression of interest from the eligible entities for
purpose of empanelment as Recovery Agents (RA)/Enforcement Agents
(EA)/Asset Investigation Agents (IA) on Bank's Panel. For the format of
application and other details, interested parties may contact Chief/Senior
Manager, CRD, Regional Office, Delhi South Tel: 23218529 Fax: 23347795, E
Mail: crldrodel@unionbankofindia.com
For eligibility criteria and specimen application, please visit our website
www.unionbankofindia.com or www.eprocure.gov.in.
1. Empanelment shall be at the sole and absolute discretion of the Bank and mere
application for empanelment would not confer any right for empanelment and no
correspondence in writing will be entertained as to the fate of empanelment. In
addition to this process, bank, depending upon the approved guidelines can
empanel RA/EA/IA on its own.
2. Bank reserves the right to restrict the list of entities for empanelment to top 10 of
entities found eligible.
3. Eligibility criteria stated in the annexure are not absolute and limiting the Bank's
discretion and Bank is entitled to take into consideration other qualitative and
reputational factors for empanelment.
4. For empanelment of Asset Investigation agents the following entities satisfying
qualitative, quantitative, operational and reputational parameters will be
considered:
4.1. Detective agencies accredited by Law enforcement agencies providing
detective services
4.2. Revenue or tax or Police officials of government departments, who have
left the service and are offering Asset Investigation Services.
4.3. Individuals actively assisting law enforcement agencies, whose services
in the opinion of Regional Head can be utilized for Asset Investigation work.
5. Application form duly filled in giving complete details along with required
documents should be forwarded/delivered to above address on or before
20.10.2018.
1ROLES AND RESPONSIBILITIES
1. Role of Recovery Agent :
1.1. Recovery Agents shall play an important role in recovery of
NPA by being intermediaries between the Bank and the Borrower.
1.2. RA would assist the Bank in persuading the borrowers in
repayment of dues and would bring them around for a negotiated
settlement.
1.3. RA would give necessary inputs and assist the banks in
taking appropriate legal steps in effecting recovery through
courts/Tribunals.
2. Role of Enforcement Agent :
2.1. Enforcement Agents would assist the authorized officer
appointed by Bank under SARFAESIA in taking possession of
security under SARFAESI Act and selling the same towards the
realization of dues.
2.2. Services of Enforcement Agents can also be utilized for
seizure of goods/vehicles in exercise of Bank's contractual rights
under deed of hypothecation.
2.3. EA would liaise with police and judicial authorities and help
the authorized officer of the Bank under SARFAESIA in removing
bottlenecks in realization of security under SARFAESI Act or
otherwise.
2.4. EA would assist the authorized officer of the bank under
SARFAESIA in storage, protection and quick disposal of
Security/goods/vehicles taken possession or seized by the Bank.
23. Role and Eligibility of asset Investigation Agent :
3.1. To trace and give information about the untraceable borrower
and the properties not otherwise informed by the borrower while
submitting papers/information to the bank.
3.2. Eligibility criteria:
3.2.1. Detective agencies accredited by Law enforcement agencies
providing detective services
3.2.2. Revenue or tax or Police officials of government departments,
who have left the service and are offering Asset Investigation
Services.
3.2.3. Individuals actively assisting law enforcement agencies,
whose services in the opinion of Regional Head can be utilized
for Asset Investigation work.
3General Conditions for Empanelment of
RECOVERY AGENT (RA)/ENFORCEMENT AGENT(EA)
CATEGORY - A Agents
Process, Eligibility and Evaluation Criteria for empanelment
Eligibility :
1. It should have been offering asset recovery services at least for the
past three years or its personnel should have the relevant
experience preferably in Banks and should have minimum 20
personnel including directors/partners and employees on its roll on
the date of submission of expression of interest
2. At least one third of the partners/directors/employees, of the
agency/firm/company should be chartered accountants or
advocates or should have worked in Judicial, Police, Tax and
Revenue recovery departments of the Government or Banks for at
least 10 years.
3. It should have offices at least in 5 major cities like Mumbai, Delhi,
Jaipur, Lucknow, Kolkata, Ahmedabad, Pune, Bangalore,
Hyderabad, Coimbatore, Chennai, Trivandrum, Ernakulam,
Chandigarh, Bhopal, Indore, Baroda, Kanpur, Ludhiana,
Bhubaneswar, and Patna with enough infrastructure.
Evaluation Criteria :
1. Evaluation of interested entities for the purpose of empanelment
shall be as follows:
Sr. PARAMETERS POINTS
No:
1. Number of years in the business :
a) More than 5 years 15
b) More than 3 years upto 5 years 8
c) 2 to 3 years 5
d) Less than 2 years 0
42. Partners/Directors/Employees :
a)Chartered Accountants/Advocates/subject 15
specialists as per eligibility more than half
8
b)Chartered Accountants/Advocates/subject
specialists as per eligibility one third and
above (for every Chartered Accountants /
Advocates / subject specialists exceeding
one third additional one mark should be
given subject maximum of 15 marks)
c)Chartered Accountants/Advocates less than 0
one third
3. Geographical Spread:
a) In 9 major cities 10
b) In 7 major cities 8
c) In 5 major cities 5
d) Less than 5 major cities 0
2. An entity should score the following minimum marks under each
parameter so as to be eligible for empanelment.
Parameter Minimum Marks
Parameter - 1 8
Parameter – 2 8
Parameter - 3 5
Total 21
5CATEGORY - B Agents
Process, Eligibility and Evaluation Criteria for empanelment
Eligibility :
1. It should have been offering asset recovery services at least for the
past three years or its personnel should have the relevant
experience preferably in Banks and should have minimum 10
personnel including directors/partners and employees on its roll on
the date of submission of expression of interest.
2. At least one third of partners/directors/employees of the
agency/firm/company should be chartered accountants or
advocates or should have worked in Judicial, Police, Tax and
Revenue recovery departments of the Government or Banks for at
least 10 years.
3. It should have offices at least in 3 major cities like Mumbai, Pune,
Nasik, Nagpur, Delhi, Allahabad, Varanasi, Lucknow, Kolkata,
Ahmedabad, Baroda, Surat, Bangalore, Hyderabad, Coimbatore,
Chennai, Trivandrum, Ernakulam, Chandigarh, Bhopal Indore,
Kanpur, Ludhiana, Ranchi, Raipur, Bhubaneswar, Cuttack and
Patna with enough infrastructure.
Evaluation Criteria :
Evaluation of interested entities for the purpose of empanelment shall
be as follows:
6Sr. PARAMETERS POINTS
No:
1. Number of years in the business :
a) More than 5 years 15
b) More than 3 years upto 5 years 8
c) 2 to 3 years 5
d) less than 2 years 0
2. Partners/Directors/Employees :
a) Chartered Accountants / Advocates / 15
Subject specialists as per eligibility
more than half.
b) Chartered Accountants / Advocates /
subject specialists as per eligibility
more than one third and above (for 8
every Chartered Accountants /
Advocates / subject specialists
exceeding one third one mark should
be given subject max of 15 marks).
c) Chartered Accountants/Advocates less
than one third 0
3. Geographical Spread :
a) In more than 7 major cities or centers of 10
ZO/RO
b) In more than 5 major cities or centers of 8
ZO/RO
c) In 3 major cities or 3 major centers of
5
ZO/RO
d) Less than 3 major cities or centers of
ZO/RO 0
72. An entity should score the following minimum marks under each
parameter so as to be eligible for empanelment.
Parameter Minimum marks
Parameter - 1 8
Parameter - 3 8
Parameter - 4 5
Total 21
8CATEGORY - C Agents
Process, Eligibility and Evaluation Criteria for empanelment
Eligibility:
1. It should have been offering asset recovery services at least for the
past three years or its personnel should have the relevant
experience preferably in Banks and should have minimum 5
personnel including directors/partners and employees on its roll on
the date of submission of expression of interest.
2. At least one third of the Partners/Directors/Employees of the
agency/firm/company should be chartered accountants or
advocates or should have worked in Judicial, Police, Tax and
Revenue recovery departments of the Government or Banks for at
least 10 years.
3. It should have offices with enough infrastructures in Delhi.
Evaluation Criteria :
Evaluation of interested entities for the purpose of empanelment shall
be as follows:
Sr. No: PARAMETERS POINTS
1. Number of years in the business :
a) More than 3 years 15
b) more than 2 years 8
c) more than 1 years and less than 2 years 5
d) Less than 1 year 0
92. Partners/Directors/Employees :
a) Chartered Accountants / Advocates / 15
Subject specialists as per eligibility more
than half.
b) Chartered Accountants / Advocates /
subject specialists as per eligibility one 8
third and above. (for every Chartered
Accountants / Advocates /subject
specialists exceeding one third one mark
should be given subject max of 15 marks).
c) Chartered Accountants / Advocates less
than one third 0
3. Geographical Spread :
a) In more than 3 major business centers of 10
RO 8
b) In more than 1 major business center of 5
RO
0
c) In 1 major business center of RO
d) Less than 1 major center of RO
2. An entity should score the following minimum marks under each
parameter so as to be eligible for empanelment.
Parameter Minimum marks
Parameter - 1 8
Parameter - 2 5
Parameter - 3 8
Total 21
10APPLICATION FORMAT FOR EMPANELMENT AS
RECOVERY AGENT / ENFORCEMENT AGENT/INVESTIGATING AGENT
I. The following basic details should be provided :
1. Name
2. Constitution
3. Name of the Directors/Partners
4. Total Number of employees
5. Name of key
personnel/employees and their
qualification:
(a) Of them Chartered Accountants:
(b) Of them Advocates:
(c) Of them Worked in Judicial
Departments
(d) Of them worked in Police
Departments
(e) Of them Worked in Banks
(f) Of them subject specialists with
5 or more years of experience.
6. Date of establishment and
Number of years in the business
7. Yearly gross earning since
inception as Recovery and Asset
Resolution service provider
(Enclose Balance Sheets/
Statement of Affairs /IT returns)
8. Number of Branches/Associate
offices in India and their
Location/Address
9. Details of cases of value more
than Rs.25.00 lacs handled from
the date of inception
1110. Names of the institutions to
which services are offered
(Enclose their assignment/
empanelment letters)
11. Major achievements
12. Any other information
II. The following documents/information should be enclosed :
1. Brief Profile of the Firm/Company
2. Bio-data of the Proprietor/Partners/Directors
3. Copy of the Partnership deed/Memorandum and articles
4. Infrastructure available
5. Details of services offered
6. List of addresses of the offices/branches
7. Experience in the line of activity with supportive documents
8. Latest financial statements (for 3 to 5 years)
9. References of two respectable persons
10. All documents/information/proof through which the eligibility
as per the evaluation criteria is established/ claimed should be
provided. In case the same is not provided/made available, the
application is liable to be rejected at the discretion of the bank.
12FORMAT OF THE LETTER WHICH WILL BE ISSUED TO THE RECOVERY AGENT:
M/s. ____________________
(Full address with telephone number of Recovery Agent)
_____________________
Dear Sir,
Recovery of money in the Account of M/s. ------------------
This has reference to your letter No.______________ dated _________ on
the above-mentioned subject and our subsequent discussions with you
in this regard.
In this connection, we are pleased to inform you that we wish to avail
of your services as a facilitator for recovery in the above noted account
with our _________ Branch.
Terms of Reference :
In this regard we state that the terms and conditions of reference of the
said assignment are as under:
Scope of Services :
While acting as an External Agency on behalf of the Bank the scope of
services to be provided by you would be as follows:
1. You will co-ordinate and take such steps for early recovery and
resolution of the captioned NPA account.
2. You will contact the borrowers in the captioned account and take
steps for recovery of monies due and payable to the Bank.
133. You will bring the borrowers to the negotiating table and facilitate
one time settlement with the Bank.
4. Share with the Bank the details as to assets, present activity and
ways and means of recovering money from the borrower in the
captioned account.
5. Suggest and advise the Bank on resolution and reconstruction of
the captioned NPA.
Your obligations :
1. You shall be responsible for proper service and maintaining
industry standards.
2. You shall be responsible for complying with requirements under
various statutory, regulatory, rules, local laws, etc.
3. You agree that Bank shall have access to all books, records and
information relevant to the captioned account maintained by you
and you are authorizing the Bank for the same.
4. You shall ensure the captioned party's data confidentiality and shall
be liable for breach if any on your part in maintaining
confidentiality, leakage of confidential information or breach of
security. In the event of request by statutory authorities or a court
of law for information, you shall notify us immediately and shall
part with information only on a written permission by Bank or if
Bank advises you shall take all measures for resisting parting with
information to such authorities.
5. You shall be responsible for keeping captioned party's information,
document, records and assets in isolation and to protect
confidentiality of the information.
6. None of your obligations in part or in whole shall be given to your
subcontractors or agents without the permission of Bank.
7. You agree that Bank shall have right to conduct audits by itself or
through its outside auditors/agents and to obtain review reports on
finding in conjunction with the services performed by you.
148. You agree that Reserve Bank of India being a regulatory authority
shall be entitled to cause an inspection of your books and account
and to allow RBI or persons authorized by it to access the bank's
documents, records of transactions and other information held at
your end.
9. You shall strictly adhere to Fair Practice Code for lenders, BCSBI
Code and Bank’s Code for Collection of Dues and Repossession of
Security.
10. You should carry this authorization letter along with your
identity card while visiting the Bank’s customer. You should also
carry a copy of the Bank’s letter addressed to the customer
informing about the engagement of Recovery Agent in his account.
11. You should tape record the content/text of the calls made by
you to the customers and vice-versa. Before recording the
conversation you should intimate the customer that the
conversation is being recorded.
12. You shall employ only such personnel who have completed
100 hours training and obtained IIBF certificate as stipulated for
Recovery Agents by RBI guidelines.
13. Recovery of loans or seizure of vehicle should be done only
through legal means. You should not adopt uncivilized, unlawful
and questionable behavior or recovery process.
14. You should refrain from action that could damage the
integrity and reputation of the Bank.
15. You shall not involve in any intimidation or harassment of
any kind either verbal or physical against any person in your efforts
for collection of dues of the captioned account.
Others terms :
It is also agreed that:
1. A fee of ------------- % is payable to you on the amount recovered.
152. Although there may be a difference between the book value of the
concerned assets or the value perceived by the bank and their
realizable value on disposal, your fees shall be payable based on the
net realization after providing for all expenses incurred.
3. The personnel engaged by you for performance of services
mentioned herein will not have any relation of whatsoever nature or
any claim of whatsoever nature with/against the Bank. They will
not be treated as if in employment of the Bank directly or indirectly.
4. The Bank will have the right not to avail of the services and
withdraw the account from you at any time in its discretion. On
that event all records, data, information etc related to the account
should be returned to Bank and your commitment to keep
confidentiality of the data, information etc of the account should
continue.
5. You may be paid an advance at the discretion of the Bank subject to
maximum of Rs.XXXX/- as advance.
Overriding provision :
I. Nothing in this letter shall be construed to limit the Bank's rights
to directly deal with its constituent.
II. Availing your services is purely on principal to principal basis and
in your capacity as professional service provider.
III. Bank is entitled to indemnity from you for any claim by any third
party including Bank's constituent for any damage, loss or/and
costs for acts and omissions attributable to you or to your
employees/agents/representatives.
IV. You should strictly comply with all the laws, rules and regulations
in force including RBI and Indian Banks' Association Codes
applicable from time to time.
V. Nothing in this letter shall be construed to authorise you to
handle cash/cheques of the customers and you should ensure
that all the amounts recovered are directly deposited into the
Bank and you should not receive cash or cheques from the Bank's
customers.
16VI. Nothing in this letter shall be construed to confer you right to
discharge any money payable to Bank by its constituent as an
agent of the Bank.
Conclusion :
We look forward to working with you and your colleagues on this
important assignment. You should get in touch with our Shri
________________ at _____ _____ Branch, being the Authorized Officer
for further action in the matter. We shall be grateful if you would
confirm the terms of the engagement on the terms and conditions of
this letter by signing and returning the attached copy of this letter.
Thanking you
Yours Sincerely,
17FORMAT OF THE LETTER WHICH WILL BE ISSUED TO THE ENFORCEMENT AGENT:
M/s. _____________________________
Dear Sir,
Take Over of secured assets of A/c:___________________________
Under provisions of Securitisation Act.
========================================
This has reference to your letter No.______________ dated _________
on the above mentioned subject and our subsequent discussions with
you in this regard.
In this connection, we are pleased to inform you that we wish to
avail of your services as agent to assist the Authorised Officer of the
Bank in its asset recovery initiatives of distressed assets in the above
noted account with our _________ Branch in accordance with The
Securitization & Reconstruction of the Financial Assets and
Enforcement of Security Interest Act 2002, hereafter referred to as the
SARFAESIA and the Security Interest (Enforcement) Rules, 2002 (the
Rules), which relate to the procedure to be adopted for sale of impaired
assets by the Secured Creditor.
Terms of Reference :
In this regard we state that the terms and conditions of reference of the
said assignment are as under:
Scope of Services :
While acting as an External Agency on behalf of the Authorised Officer
the scope of services to be provided by you would be as follows:
181. Advice the Bank in relation to the notices that may require to be
issued to the borrowers and guarantors and advice on such follow
up measures that may require to be initiated prior to taking
possession of the moveable and immovable properties of the
concerned borrower/guarantors.
2. Advise the Bank the cost and benefits of taking possession of
moveable and immovable properties of the borrower concerned and
also submit pre possession report.
3. Arranging for obtaining the order of the District or Metropolitan
Magistrate as and when required so as to enable the Bank to obtain
quick and smooth possession of the concerned moveable or
immovable properties of the concerned borrower.
4. Assisting the Authorised Officer in taking possession of the
moveable and immovable properties in full compliance with the
procedures laid down under the Rules in the preparation of the
Panchanama and inventory of the property concerned to be signed
by the Authorised Officer.
5. Advising the Authorised Officer as regards obtaining of insurance
policies in relation to the moveable and immovable assets possessed
by the Bank from the date of possession in view of the fact that the
risk to the goods would have passed over to the bank after
possession.
6. To arrange on behalf of the Authorised Officer, for storage/security,
maintenance, preservation and locking arrangements as
appropriate, of the movable/fixed/immovable assets so taken over
by the bank by appointing storage keepers and warehouse keepers
security providers who will provide the required services and also
preparation of agreement to be entered into with such service
providers.
7. Advise and arrange for such other action that may be required to
ensure safety and/or preservation of the concerned assets.
198. Advice the Authorised Officer concerned as to the most suitable
mode of sale of the concerned assets that could be initiated under
the circumstances having regard to the king, quality, size and value
of the assets and any potential liabilities or dangers that may be
faced with regard to adopting a particular line of action.
9. Assistance and advice to the Authorised Officer in giving due
discharge certificates and issuance of receipts for the sale proceeds,
issue of sale certificates, issue of necessary title deeds in favour of
the new buyer and all other necessary formalities that may in our
opinion deem fit including preparation of related documents, public
notices, letter to prospective buyers, auction notice, sale notice etc.
Overriding provision :
I. Nothing in this letter shall be construed to limit the Bank's rights
to directly deal with its constituent.
II. Availing your services is purely on principal to principal basis and
in your capacity as professional service provider.
III. Bank is entitled to indemnity from you for any claim by any third
party including Bank's constituent for any damage, loss or/and
costs for acts and omissions attributable to you or to your
employees/agents/representatives.
IV. You should strictly comply with all the laws, rules and regulations
in force including RBI and Indian Banks' Association Codes
applicable from time to time.
V. Nothing in this letter shall be construed to authorise you to
handle cash/cheques of the customers and you should ensure
that all the amounts recovered are directly deposited into the
Bank and you should not receive cash or cheques from the Bank's
customers.
VI. Nothing in this letter shall be construed to confer you right to
discharge any money payable to Bank by its constituent as an
agent of the Bank.
20Your obligations :
1. You shall be responsible for proper service and maintaining
industry standards
2. You shall be responsible for complying with requirements under
various statutory, regulatory, rules, local laws, etc.
3. You agree that Bank shall have access to all books, records and
information relevant to the captioned account maintained by you
and you are authorizing the Bank for the same.
4. You shall follow the instructions that may be issued by the Bank
from time to time.
5. You shall ensure the captioned party's data confidentiality and shall
be liable for breach if any on your part in maintaining
confidentiality, leakage of confidential information or breach of
security. In the event of request by statutory authorities or a court
of law for information, you shall notify us immediately and shall
part with information only on a written permission by Bank or if
Bank advises you shall take all measures for resisting parting with
information to such authorities.
6. You shall be responsible for keeping captioned party's information,
document, records and assets in isolation and to protect
confidentiality of the information.
7. None of your obligations in part or in whole shall be given to your
subcontractors or agents without the permission of Bank.
8. You agree that Bank shall have right to conduct audits by itself or
through its outside auditors/agents and to obtain review reports on
finding in conjunction with the services performed by you.
9. You agree that Reserve Bank of India being a regulatory authority
shall be entitled to cause an inspection on your books and account
and to allow RBI or persons authorized by it to access the bank's
documents, records of transactions and other information held at
your end.
2110. You shall strictly adhere to Fair Practice Code for Lenders,
BCSBI Code and Bank’s Code for Collection of Dues and
Repossession of Security.
11. You should carry this authorization letter along with your
identity card while visiting the Bank’s customer. You should also
carry a copy of the Bank’s letter addressed to the customer
informing about the engagement of Recovery Agent in his account,
which should contain your telephone number.
12. You should tape record the content/text of the calls made by
you to the customers and vice versa. Before recording the
conversation you should intimate the customer that the
conversation is being recorded.
13. You shall employ only such personnel who have completed
100 hours training and obtained IIBF certificate as per RBI
guidelines.
14. Recovery of loans or seizure of vehicle should be done only
through legal means. Yu should not adopt uncivilized, unlawful and
questionable behavior or recovery process.
15. You should refrain from action that could damage the
integrity and reputation of the Bank.
16. You shall not involve in any intimidation or harassment of
any kind either verbal or physical against any person in your efforts
for collection of dues of the captioned account.
Others terms :
It is also agreed that:
• Although there may be a difference between the book value of the
concerned assets or the value perceived by the bank and their
realisable value on disposal, your fees shall be payable based on the
net realisation after providing for all expenses incurred.
• Costs incurred for the valuation of the assets by Bank's valuers
shall be payable by the Bank.
• Any legal due diligence or legal advice may be sought from your
contact of legal experts as and when required.
22• Fees payable for engaging lawyers for the proceedings under Section
14 shall be limited to Rs.XXXX/- per Court. Bank can engage its
own panel Advocates for this purpose at its own discretion.
• Any fees payable to you shall exclude costs incurred towards any
legal or charge payable to court/Authority and for filing caveats in
various courts which shall be borne by the Bank.
• Any fees payable to you shall exclude any insurance premium
payable to cover risks involved in taking possession and
maintenance of the assets thereafter.
• Any decisions taken on behalf of the Bank by you or your
representatives during the course of the assignments shall be with
the prior written concurrence of the Bank.
• Authorized Officer of the bank shall be available for discharging
their statutory obligation.
• Bank shall consult you in regard to notices/proceedings to be
issued by the Bank at no extra cost or charges.
• The actual time frame and tasks involved with regard to carrying
out any specific assignment shall be spelt out by you to the Bank
well in advance, as far as possible, to ensure smooth
implementation of decisions.
• All fees and expenses will be subject to such withholding tax as may
be prescribed.
• In case of compromise without effecting sale of the secured assets,
the fee payable to you upto the particular stage will only be payable.
• Your assistance for any stage can be dispensed with by the Bank at
its discretion and no further payment beyond that stage will be
made to you. Such payment will be as per chart appended
hereunder.
• The personnel engaged by you for performance of services
mentioned herein will not have any relation of whatsoever nature or
any claim of whatsoever nature with/against the Bank. They will
not be treated as in employment of the Bank directly or indirectly.
23• The Bank will have the right not to avail of the services from any
stage of the proceeding and engage any other agency for any stage
for the remaining activities.
Types of assistance Indicative charges
Note: You may be allowed to claim ____% of the stage wise amount
payable OR Rs.XXXX/- as advance whichever is lower.
• In the case of compromise or settlement without effecting sale of
secured assets, the fee payable to you shall be upto the previous
stage and payment on slab is not admissible.
Conclusion :
We look forward to working with you and your colleagues on this
important assignment. You should get in touch with our Shri
________________ at __________ branch, being the Authorized Officer for
further action in the matter. We shall be grateful if you would confirm the
terms of the engagement on the terms and conditions of this letter by
signing and returning the attached copy of this letter.
Thanking you
Yours Sincerely,
24FORMAT OF THE LETTER WHICH WILL BE ISSUED TO THE INVESTIGATING AGENT:
M/s. _____________________________
Dear Sir,
Investigation of assets of
A/c:___________________________
=================================
This has reference to your letter No.______________ dated _________
on the above-mentioned subject and our subsequent discussions
with you in this regard.
2. In this connection, we are pleased to inform you that we wish to
avail of your services as investigation agent for unearthing the
assets of the following persons/entities:
1. Name
2. Last known address as per records
3. You should discreetly enquire about the assets owned by the
persons and above and submit a report to the bank
4. Your obligations :
1. You shall be responsible for proper service and maintaining
industry standards
2. You shall be responsible for complying with requirements under
various statutory, regulatory, rules, local laws, etc.
3. You agree that Bank shall have access to all books, records and
information relevant to the captioned account maintained by you
and you are authorizing the Bank for the same.
4. You shall follow the instructions that may be issued by the Bank
from time to time.
255. You shall ensure the captioned party's data confidentiality and shall
be liable for breach if any on your part in maintaining
confidentiality, leakage of confidential information or breach of
security. In the event of request by statutory authorities or a court
of law for information, you shall notify us immediately and shall
part with information only on a written permission by Bank or if
Bank advises you shall take all measures for resisting parting with
information to such authorities.
6. You shall be responsible for keeping captioned party's information,
document, records and assets in isolation and to protect
confidentiality of the information.
7. None of your obligations in part or in whole shall be given to your
subcontractors or agents without the permission of Bank.
8. You agree that Bank shall have right to conduct audits by itself or
through its outside auditors/agents and to obtain review reports on
finding in conjunction with the services performed by you.
9. You agree that Reserve Bank of India being a regulatory authority
shall be entitled to cause an inspection on your books and account
and to allow RBI or persons authorized by it to access the bank's
documents, records of transactions and other information held at
your end, failing which the Bank will be made liable to pay
supervisory fees to RBI.
10. You shall not involve in any intimidation or harassment of
any kind either verbal or physical against any person in your efforts
for investigation of assets of the captioned account.
5. Fee payable to You:
-----------------------------------------------------
6. Overriding provision :
I. Nothing in this letter shall be construed to limit the Bank's rights
to directly deal with its constituent.
26II. Availing your services is purely on principal to principal basis and
in your capacity as professional service provider.
III. Bank is entitled to indemnity from you for any claim by any third
party including Bank's constituent for any damage, loss or/and
costs for acts and omissions attributable to you or to your
employees/agents/representatives.
IV. You should strictly comply with all the laws, rules and regulations
in force including RBI and Indian Banks' Association Codes
applicable from time to time.
V. Nothing in this letter shall be construed to authorize you to handle
cash/cheques of the customers and you should ensure that all the
amounts recovered are directly deposited into the Bank and you
should not receive cash or cheques from the Bank's customers.
VI. Nothing in this letter shall be construed to confer you right to
discharge any money payable to Bank by its constituent as an
agent of the Bank.
6. Conclusion :
We look forward to working with you and your colleagues on this
important assignment. You should get in touch with our Shri
________________ at __________ branch, being the Authorised Officer for
further action in the matter. We shall be grateful if you would confirm the
terms of the engagement on the terms and conditions of this letter by
signing and returning the attached copy of this letter.
Thanking you
Yours Sincerely,
27Financial Quotes
Quote for Charges to be claimed for recovery by Recovery Agents:
Age of NPA Fee/Commission/charges
Upto 4 years ____% of the amount recovered
Above 4 years upto 6 years ____% of the amount recovered
Above 6 years ____% of the amount recovered
Please note that in case efforts of Recovery Agents result in OTS or settlement
with the party the competent authority may consider payment of
Fee/Commission/Charges at half the rates above.
Quote for Charges to be claimed for recovery by Enforcement Agents:
Type of assistance Fee that would be charged
Pre inspection and Amount in Rs_____________________
viability report
Assistance for taking Rate in Rs.
possession of goods/ Slab
movable and If the value of property is upto Rs.50.00 lacs
Immoveable Property If the value of property is Rs.50 lacs to Rs.1 crore
If the value of property is Rs.1 crore to Rs.3 crores
If the value of property is Rs 3 crore to Rs.5 crore
If the value of property is Rs.5.00 crore and above
Rate (As % of Notice Dues)
Slab
For obtaining orders (For notice dues upto Rs.20.00 lacs, )*
from District (For notice dues over Rs.20.00 lacs upto Rs.50.00 lacs)**
Collector/Chief (For notice dues over Rs.50.00 lacs upto Rs.1.00 crore)***
Metropolitan (For notice dues over Rs.1.00 crore)****
Magistrate
Safeguarding Assets As per Government rules
by appointing
security guards
For safe keeping in
the godown/
warehouse
Conducting Sale of Age of NPA Fee/Commission/charges
Assets Upto 4 years ____% of the amount recovered
Above 4 years upto 6 years ____% of the amount recovered
Above 6 years ____% of the amount recovered
Providing necessary _____% of the amount of dues recovered
assistance for
collection/ recovery
from Borrower's
debtors
*Minimum 10000/-, Maximum 20000/-,
** Minimum 20000/-, Maximum 37500/-,
*** Minimum 37500/-, Maximum 50000/-,
**** Minimum 50000/-, Maximum 75000/-,
Slab based fee payable on sale of assets shall be net of the fees already paid for
other services. In the case of settlement with the borrower without effecting sale
of assets, the fee payable to the agency upto particular stage alone will be
payable.
28Quote for Charges to be claimed for recovery by Investigating Agents:
Onetime fee for reports (a) Rs._________________ maximum,
AND
Information as to unencumbered immoveable property (Which has to be
certified by Title Report of the Panel Advocate, the amount payable for such
Title report is to paid by Bank to the Advocate separately)
if the realizable value is less than Rs.________/- or ____% of the realizable
50 lacs. value, whichever is less,
if the realizable value is more than Rs.________/- or ____% of the realizable
50 lacs but less than 1 crore value, whichever is less,
if the realizable value is more than Rs.________/- or ____% of the realizable
1 crore value, whichever is less,
Information as to movable Rs.________/- or ____% of the realizable
properties like cars, consumer value, whichever is less,
durables etc.
Information as to liquid assets like shares, fixed deposits, investments etc.
if the realizable value is less than Rs.________/- or ____% of the realizable
50 lacs. value, whichever is less,
if the realizable value is more than Rs.________/- or ____% of the realizable
50 lacs but less than 1 crore value, whichever is less,
if the realizable value is more than Rs.________/- or ____% of the realizable
1 crore value, whichever is less,
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