Bobmaitri October December 2020
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The Future is
- • October-December 2020
New ways of working Reimagined network Mobile first
Digital-led experience Unlocked growth potential
Corporate Album
Bank’s Sponsorship of 48th National Convention ICSI at
Indore
Our Bank sponsored the 48th National convention
of Company Secretaries held at Indore from 17-19
December 2020 with the theme "Governance: from
grassroots to global". The event was attended by
various VVIPs including the MoS - Finance Ministry
Shri Anurag Thakur, Directors of various organizations,
Academicians, Corporate Executives, Senior Officials
from the Government and stakeholder. During the event,
Banks brand got ample visibility at venue and on digital
channels including social media platforms.
‘
’ .
.
Chennai Zone launces an innovative service drive
'Back to New Basics'
On 07 November, 2020 Chennai Zone launched an
innovative service drive 'Back to New Basics'. Under this
initiative, Branches will swiftly open SB/ Current Accounts
using TABs and digital tools, consider Housing/ Car/
Consumer loans within prescribed TAT, extend credit
facilities to MSMEs and quick processing of Gold/ Agri
loans. The Executive Director Shri Murali Ramaswami
along with Zonal Head Shri R Mohan also met several
Customers, industrial houses and Senior Bureaucrats of
Government of Tamil Nadu including Chief Secretary, and
communicated Bank’s proactive initiatives for extending
Banking services to the needy in this pandemic situation.
2 - 2020
Managing Director & Chief Executive Officer's Message
, Dear Friends,
It is a great pleasure to communicate with all
Barodians through these pages of Bobmaitri. At
. , the outset, I wish you and your family members
. a Happy New Year.
-19 The year gone by has been a roller coaster ride
with first the spread of COVID-19 pandemic and
- - now roll-out of multiple vaccines. In India, one of
. the world’s largest vaccination drive, is currently
. -19 underway. A sustained decline in COVID-19
cases across the country has set the base for a
strong rebound in economic activity in the next
. financial year. The Government has increased
Sanjiv Chadha . spending in the Budget to revive investments.
This should lead to revival in economy and thus
. credit growth in the coming year.
. : Banking is an essential service. Thus we
continued to remain fully operational during
. the pandemic while maintaining social
distancing guidelines. Despite the challenges
2021 emanating from the pandemic, we were able
2020 to successfully complete migration of all the
eVB and eDB customers to Bank of Baroda’s
" .
core banking platform in December 2020, well
ahead of the deadline of March 2021. As part
1,300 of the amalgamation plan, we were able to
1,116 . rationalise more than 1,300 branches and 1,116
low performing ATMs.
.
, 2020
The Bank continues to grow ahead of industry.
For instance, Bank registered an above-industry
8.31% . growth in its domestic advances at 8.31% as of
6.7% . , Dec 2020. As against this the banking industry
,
reported a growth of 6.7%. In fact, we are
growing ahead of industry in all business verticals
. be it agriculture, MSME, retail and corporate.
On the liabilities side, Bank continues to grow
its low cost deposits. Our domestic CASA
. 2020 39.07% ratio is now at 41.20% as of December 2020
." 2020 41.20% . compared with 39.07% as of March 2020. This is
also contributing to higher margins, even after
adjusting for impact of proforma slippages. Our
"We . 2019-20 2.85% domestic margin for quarter ending December
2020 2020 is at 3.07% compared with 2.85% during
continued to 3.07% . 2020 80.5% financial year 2019-20. The Bank has been
remain fully 2020 - 81.5% prudent by maintaining a domestic credit-
deposit ratio of 81.5% as of December 2020
operational . compared with 80.5% as of March 2020.
during the RBI had set up a committee to provide
. . guidelines for corporate restructuring. The Bank
pandemic has invoked Rs 9,501 crore of restructuring
9,501 which includes retail and MSME customers. In
while . , addition to this, we have been mandated by
maintaining . the Honourable Supreme Court not to degrade
any account. As a result of this, the proforma
social , 8.43% NPA ratio would have been 9.63% instead
9.63% . , of reported GNPA ratio of 8.48%. Hence, it is
distancing imperative that we continue to focus on higher
guidelines." . recoveries from all the segments.
The Bank has been conservative in providing
for the impact on asset quality as a result of the
. pandemic. The Bank holds COVID-19 related
October-December 2020 3
-19 . 1709 . provisions of Rs 1709 crore. In addition to this,
the Bank has made adequate provisions for
,
accounts that would have degraded but
been kept standard due to the order of the
. Honourable Supreme Court. Bank’s provision
85.46% . coverage ratio including TWO stands at 85.46%.
One of the clear trends to have emerged out
,
of the pandemic is move towards digital. Digital
. payments and mobile banking, in particular,
have seen a huge acceleration during the year.
. . 2020 This would continue going ahead. The Bank itself
has added 35 lakhs mobile banking customers
35
during the nine months ended December 2020.
. 90% We have also digitised our account opening
process with more than 90% of savings accounts
. being opened through Tablet. This has now
been extended to current accounts as well.
.
The Bank’s strategy is to serve most of its
"
.
customers through digital or digital assist mode.
In this endeavor our mobile banking application
will be the centre piece of our strategy to serve "
. our customers. We now have 192 services
192
available for our customers on the mobile (BOB
application which are likely to increase to 212
, 2021 212 . in March 2021. In the future, we expect most of NOWW)"
our customers to use our mobile application or
contact centre for most of the banking services.
.
Only those customers need to come to the
branches who cannot meet their banking needs
through digital mode. We believe that even
. loan sanctioning and eventually disbursement
should be done using digital platform. For this,
the Bank has already set-up a Digital Lending
. , Department which is responsible for end-to-end ."
, -- digitisation of customer journey for lending.
. The Bank would have to transform itself in line "Bank has
, with change in customer preferences. Bank introduced a
has introduced a Transformation initiative “BOB
. " NOWW” that is aimed at transforming the ways Transformation
(BOB NOWW)" of working. This will span reimagining our branch
. network with focus on increasing customer
initiative “BOB
touch points through Business Correspondent NOWW” that
network and thrust towards digitisation at the
, branch level, digital lending for retail and MSME is aimed at
, ( , customers, capturing corporate value chain transforming
, , - ) (cross-selling, cash management solution, forex,
higher non-fund limits) and bringing in a flexible the ways of
work environment for our employees. In the
future, employees can have the option to work
working."
. , from anywhere.
. A successful execution of a digital enabled
Bank will go a long way in ensuring that Bank
of Baroda remains competitive in the market
place. I look forward to working with you in
. building an institution which will be a leader in
. the banking landscape.
: I once again wish you and your families a very
Happy New Year, stay safe.
. .
With best wishes
Sanjiv Chadha
4 - 2020
Editorial Board
/Executive Editor
/ Venugopal Menon Contents
–
Content Management Team - • October-December 2020
K Satyanarayana Raju
Joydeep Dutta Roy 03
Prakash Vir Rathi 06
Subrat Kumar 07 The future is NOWW!
M Venkat Murali Krishna
Sudhakara D Nayak A 10 E-Bikray
Archana Pandey How to Use Negotiations for Competitive Edge in
13
Sudhanshu Kumar Singh Any Discussion
Ravindra Singh Negi 18
Sameer Narang ‘Restart Happiness - Hum Karein Mumkin’
20
– a festive campaign
/Editor 24 - , ()
Punit Kumar Mishra 25 Me and My Habit of Running
The Regulatory Sandbox-Changing Landscape of
/Assistant Editor 26
Mahipal Chauhan Fintech and Innovations in Banking Industry.
30 - , ()
/Associate 40 -
Bikram Singh 42 Cheque fraud in our Bank & Preventive Measures
51
52 Book Review - Good to Great
–Zonal Correspondents
54
57 Attitude is Everything
60
62 Bank of Baroda in Sports
63 What’s in a Password?
Zindagi Mein #NoAadheVaade! Only Guaranteed
64
Protection!
65
Highlights of Bank’s Financial Results
66
for Q3 FY 2021
, , .
( ) , , .
, , - 390007
.
BOBMAITRI is issued for free distribution to all employees of Bank of Baroda.
. - 0265 2316581, - : [email protected] The views expressed in it do not necessarily represent those of the Bank.
Edited and published by Punit Kumar Mishra, Assistant . ., 28, , .. , (),
General Manager (Official Language & Parliamentary
Committee) for Bank of Baroda at Head Office, Baroda - 400 013, , .
Bhavan, R C Dutt Road, Alkapuri, Baroda - 390007. Designed & printed at SAP Print Solutions Pvt. Ltd., 28, Lakshmi Industrial Estate,
Phone No. - 0265 2316581,
E-mail : [email protected] S. N. Path, Lower Parel (W), Mumbai-400 013. Maharashtra, India.
October-December 2020 5
/The Executive Editor Speaks
, Venugopal Menon, Executive Editor
, Dear Readers,
’’ I am happy to interact with you as Executive Editor of
Bank’s House Journal ‘Bobmaitri’ while presenting you the
latest issue of the magazine. This issue will give you the
glimpses of several activities being organized in the Bank
and provide you illuminating contents as well. I hope, you
. will appreciate the efforts of our Editorial Team to make it
more attractive and worth read.
. After COVID-19, there has been a significant slowdown
. in global economy. However, with the launch of various
-19 . , vaccines, it has regained and shown a good sign of
progress. Since we are in the last quarter of Financial Year
. 2020-21 2020-21, we need to maintain our pace in NPA recovery
and concentrate our efforts to achieve business targets
, () as well. We should ensure that the various tools emerged
out of this global pandemic are fully exploited by us,
. especially to expand our digital products. We are making
all our efforts to ensure that the customers are engaged
, . with our alternate delivery channels and encourage them
to carry out their routine banking activities through our
mobile banking channel which is now the centre piece
of our Bank’s digital strategy.
. This issue of Bobmaitri focuses on ‘BOB-NOWW’, a
recently introduced initiative by our Bank to transform
'BOB-NOWW' , the ways of working. We have published an article
'The future is NOWW' contributed by Team BOB-NOWW
. - 'The Future is NOWW' which will provide detailed information to our readers
to understand this ambitious project and its objectives.
. ‘ Glimpses of ‘ ', ‘Vigilance Awareness Week’
’ , ‘ ’ celebrations and highlights of third quarter results of the
Bank for financial year 2020-21 have also been published
2020-21 prominently. Article by Ms. Sheetal Sharma on 'The
. 'The Regulatory Sandbox- Changing Landscape of Fintech
Regulatory Sandbox- Changing Landscape of Fintech and Innovations in Banking Industry' would also prove to
and Innovations in Banking Industry' be useful for the readers. Further, an Article on 'E-Bikray' by
. , 'E-Bikray' Shri Jasobanta Kar will provide the information pertaining
. to various features of this platform. A review of famous
'Good to Book 'Good to Great' by Shri Priyajeet Mahapatra has
also been published in this issue. 'Attitude is Everything' by
Great' .
Ms. Lekshmy Anand is an inspirational write up. While
'Attitude is Everything' . giving due importance to the use of Social Media in
Bank we have included a write up by Shri Harihar Devam
' ' . on ' '. We have included
interviews of our retired Chief General Managers that
would inspire young Barodians to achieve excellence in
. their Banking Career.
, , , , In addition to the above, this issue carries short stories,
poems, various celebrations, CSR activities, news and
, events and OL implementation across the Bank. I trust,
. , the above mix will make this issue more interesting for
. the readers. I request our fellow readers to keep on
sending their contributions and feedback so as to ensure
/ continuous improvement of this journal.
. With best wishes,
,
Venugopal Menon
6 - 2020
The future is Highlights of the BOB-NOWW launch email
NOWW!
“BOB-NOWW is the next step in our amalgamation
journey towards reshaping Bank of Baroda. Our
initiatives aim to transform the experience for our
employees and to introduce much greater flexibility in
the way we operate.
The pandemic of 2020 underlined the importance of
being prepared to rebound quickly and adapt to new
realities. This flexibility led to improved operating
performance and revived client activity, inspiring hope
that our growth is sustainable.
We are committed to making this happen. We are very
“I invite all of you to accompany excited about the immense possibilities that lie ahead
me and our team on this journey of for each of us, individually and as an organization.”
creating the BOB of the future with
The vision and mission
Project BOB-NOWW.”
With the world around us changing rapidly, we choose
- Shri Sanjiv Chadha, Managing Director and CEO
to be leaders, not followers. Bank of Baroda has always
been committed to concern, care and competence.
O n 1st January 2021, as the world stepped into a
new year, Bank of Baroda embarked on a new
transformation journey – Project BOB-NOWW. Our
As a leading Public Sector Bank, we are driven by a
vision to transform the experience for our customers and
colleagues and to create value for all stakeholders.
Managing Director and CEO, Shri Sanjiv Chadha shared
a video message announcing this transformation, an We are ready to now create the future Bank of Baroda
email from the Managing Director and EDs reached all and are on a mission to transform our operating model
Barodians, and BOB-NOWW became the new aspiration and ways of working in order to stay ahead of the curve,
for the Bank. as leaders.
BOB-NOWW: A collective aspiration
The future BOB
The word NOWW represents Bank of Baroda’s aspiration to
embrace a New Operating Model and Ways of Working. BOB-NOWW integrates our aspirations for the future Bank
As Barodians, we will together walk this path to transform of Baroda. The objective is to reshape the Bank through
the way we operate and how we serve our customers. five transformative themes:
The project consists of a series of industry-first and • New ways of working: Enhanced employee flexibility
employee-friendly initiatives through which we will create and experience
value for the Bank and our customers, as well as remain
a preferred workplace that develops new opportunities • Digital-led experience: Paperless, omni-channel
and possibilities for our own people. customer journeys
• Mobile first: The BOB mobile app as
the Bank’s primary interface
• Reimagined network: More customer
touchpoints across India with lighter
new-age formats
• Unlocked growth potential: New
businesses and capabilities for
deeper customer engagement and
wallet share
Bank of Baroda is in a very strong
position to pursue these aspirations. Our
amalgamation with Dena Bank and
Vijaya Bank in 2019–2020 has empowered
us with significantly greater scale, size
October-December 2020 7
and reach. In addition, we responded to the COVID-19 possibilities to ‘work from anywhere’ and enabling varied
pandemic with a flexibility that ensured we could serve employment formats for certain roles. As part of new
our customers while protecting our employees. We are ways of working, the Squad is also taking a close look at
determined to build on this further, proactively shaping many of our processes to make them faster, paperless
our future to provide an enhanced work experience for and overall, more efficient. The Bank is shortly launching a
our employees and to meet emerging and changing call to action – “Let’s Simplify!” In the spirit of transparency
customer needs. and openness, the campaign is inviting Barodians to pour
in their ideas to make our existing processes simpler.
Over the past several years, many organizations have
started to go more digital, to think about greater flexibility Squad 2 – Retail distribution network
for their workforce, to embed digital in their back-end and
customer-facing operations. At Bank of Baroda, we will
not be left behind. We are making the changes necessary
to remain leaders in a dynamic world. We have already
created a digital lending department to enable faster
and customized loans to customers. To ensure seamless
service, we are also working towards strengthening our
digital delivery channels.
Our corporate functions and business divisions are
also transforming. We intend to revamp our Corporate
Banking, MSME and International Banking businesses.
BOB should be everywhere, expanding our reach
across India through alternative formats that match our
customers’ needs - given their increasing desire for speed,
convenience and digital transactions.
We will ensure operational efficiency, reshape our
offerings and target new opportunities in this rapidly
changing world.
As part of our commitment to be available for customers
Moving from vision to reality in far more locations, this Squad is working to upgrade our
The core BOB-NOWW team is organized as five cross- network strategy. The idea is to offer more quality physical
functional squads with clear focus areas linked to the touchpoints with lighter and digitized branch formats. To
Bank’s aspirations. achieve this, the Squad plans to scale up the BOB network
substantially by increasing the number of BOB touchpoints
Squad 1 – New ways of Working
across India – to be present at various locations, including
malls, airports, railway stations and other public spaces
frequented by our customers. This effort has begun with
the Squad working to grow our touchpoints in select
locations and gradually we will expand in other locations
as well.
Leaders speak about BOB-NOWW
I am very happy to launch BOB-NOWW - an
organization wide transformation that will create the
Bank of Baroda of the future. Our goal here is to not
only create a great experience for our staff and
customers, but also generate shareholder value.
- Mr. Sanjiv Chadha, MD
The Bank had already introduced greater flexibility in
the way we work during the pandemic. The Squad will
build on these changes. It will work towards creating
8 - 2020
Squad 3 – Digital-led operating model Championship at four ICFS branches. The learnings from
this effort will ensure that the Squad can keep refining the
Bank’s approach and continue to roll this out at more
locations.
Squad 5 – Wealth, Subsidiaries and Others
The pandemic has underlined the need to adapt to new
realities. One such continuous change in the world where
we operate is digitization. This is the need of the hour for
our customers, who are increasingly getting used to digital
offerings and mobile functionalities. This Squad will work
Reshaping our wealth management strategy to retain,
to embed digitization in our operating model, deploying
activate and deepen relationships with our existing
cutting-edge technology and state-of-the-art digital
wealth clients. To make this a reality, the Squad is looking
tools to improve our customer experience. This means
at adding new product lines and revisiting our customer
smoother, paperless processes, seamless offerings in new
segmentation to create an enhanced value proposition.
formats and digitally-powered branches and operations.
They are also looking at revamping our Corporate
Squad 4 – Corporate, MSME and International functions to make the Bank more agile and build suitable
strategies for our subsidiaries to unlock value.
To ensure that all Barodians are updated and engaged
in the BOB-NOWW aspirations and initiatives, the
team has launched a newsletter, the BOB-NOWW
Bulletin. Regular updates shall also be shared through
email, on Yammer and via WhatsApp to offer greater
transparency across channels. The email address
[email protected] has been set up for
colleagues to send in suggestions and queries.
Through this project, Barodians have now taken up the
onus of shaping the future Bank of Baroda. And the
action begins NOWW.
Leaders speak about BOB-NOWW
With BOB-NOWW, we will
Unlocking the potential of these three crucial businesses
Barodians, get ready for
be at the forefront of exciting times ahead. Some of
new-age banking. the initiatives we are launching We will break new ground as a
will help us to not only improve profitability but also build - Mr. S.L. Jain, ED can be 'Game-changers'. PSB with our increased focus
on digital experience.
- Mr. V.S. Khichi, ED
a loyal customer base. The Squad is helping several - Mr. A.K. Khurana, ED
activities to achieve its goal. At this point, their focus is on
Corporate Banking, where we are gradually empowering
vvv
our branches to boost fee incomes and offer more to
our customers. We have begun by piloting a Fee Booster Contributed by: Team BOB-NOWW
BCC, Mumbai
October-December 2020 9
E-Bikray new properties in bulk. Maker can also update existing
properties details already uploaded in IBAPI portal with
the new extended fields using XML file upload or using
screen edit facility. Property related documents like Sale
notice etc., property photographs and videos should also
be uploaded by maker. Uploading property documents
and photographs is mandatory (Minimum one each),
otherwise property will not be visible to public.
Introduction
D epartment of Financial Services, Ministry of Finance,
Government of India has created a common
Platform named as IBAPI (Indian Banks Auction Property
Information) for banking industry for sale of mortgaged
properties under SARFAESI Act.
This platform is a supermarket of mortgaged properties,
available for sale from various PSBs, with facility to display
property details including photographs, videos etc. with
searching and filtering features.
Benefits of the Platform
1. Easy search & short listing of properties from a single
window instead of multiple banks websites.
2. Better dissemination of property information using a
common platform.
3. Common platform to provide enhanced buyer
participation and higher bid success rate, so that
Banks could realize higher value from sales.
4. System driven process to ensure higher level of
transparency and accuracy.
This Portal has been developed by Allahabad Bank. The
portal login addresses are as under URL for member banks Checker- Only the officer working in the capacity
-https://ibapi.in/Sale_info_login.aspx of Authorized officer (Scale IV & above) under the
SARFAESI Act will be eligible to become Checker, who
URL for prospective buyer-https://ibapi.in will be empowered not only to approve the auction &
The common website/portal (https://ibapi.in) now known auction details uploaded by the maker as stated above
as IBAPI E-Bikray portal is integrated with an e-Auction on e-Bikray portal but also to confirm the sale on-line or
system having integrated e Payment facility developed cancel the scheduled auction, using his digital signature.
by MSTC Limited . Modification in the property details uploaded on the
portal shalI also be checked/approved by the authorized
URL for E-Auction Platform developed by MSTC- officer only. The detailed step by step process to upload
https://www.mstcecommerce.com/auctionhome/ibapi/ the property details and auction details along with the
index.jsp screen shot is mentioned in circular no BCC:BR: 112:70
Guidelines for E-Bikray Portal Log in (https://ibapi.in) dated 07/02/2020. Authorized Officer requires Digital
Signature (DSC) for e Bikray portal.
The prospective buyer can search property using different
filter options. The buyer need not to register itself in the Authorized officer (AO) can authorize the property and
portal for searching of Property. auction details amended by the Maker up to 2:00 PM
of previous working day of scheduled property auction
But for the member Banks, concept of maker and checker date. Any edit/ update after this time will not be effected
has been introduced. in data being transferred to e-Auction floor. Property
Maker - Officers up to scale- III can become maker and once authorized by AO will automatically be pushed
has the responsibility to upload the property details and to e-Auction platform (MSTC) one day prior to date of
auction details including account details and user ID auction for creating auction session on given date and
of Authorized officer. The detail step by step process to time.
upload the property details and auction details along Checker / Authorize officer (AO) is responsible for
with the screen shot is mentioned in circular no BCC:BR: authenticity, accuracy and correctness of information
112:70 dated 07/02/2020. being uploaded on the portal.
Maker can upload/update property either through bulk Maker / Checker / AO will also upload Property/Sale
upload or singly. Maker can upload XML file for uploading documents, Photographs and videos of properties by
10 - 2020
selecting Upload Document/Images. User will be able to accept and complete the KYC verification & EMD
to upload PDF documents, images and videos of the amount. However in such event the Authorized officer /
properties. Bank / e-Auction service provider will not be held liable
1) Maximum 5 images (mandatory) in jpeg/jpg format for any delay/failure for verification of KYC documents
with size limit 1 MB each. and failure to transfer EMD in wallet.
2) Maximum 2 Video (mandatory) in MP4 format with Step 3 : Transfer of EMD amount to Bidder Global EMD
size limit 5 MB each. Wallet: Online/off-line transfer of fund using NEFT/Transfer,
using challan generated on e-Auction Platform. Tutorial
3) Maximum 5 documents (mandatory) in pdf format Video. The intending Bidders/Purchasers have to transfer
size 200 KB each. the EMD amount using online mode in his Global EMD
Detailed terms & conditions for sale (“Annexure F” ) to be Wallet well in advance before the auction time. The
uploaded on Banks website as well as at IBAPI e Bikray interested bidder will be able to bid on the date of
portal to comply with the statutory rules. Authorized e-auction only if the Bidder’s Global Wallet have sufficient
officers are advised to use the revised “Annexure F” i.e. balance (>=EMD amount) as on the date and time of
detailed terms & conditions of sale for Auctions as per the Auction. Bidders may give offers either for one or more
circular no BCC: BR: 112:397 dated 06/07/2020. properties. In case of offers for more than one property
bidders will have to deposit EMD for each property.
Authorized officers are also advised to mandatorily
upload the abridged Auction Notice i.e “Annexure E” on Earnest Money Deposit (EMD) amount as mentioned
Banks website as well as IBAPI e-Bikray portal. above shall be paid online i.e. through NEFT after
generation of Challan from (https:www.mstcecommerce.
For uploading the same on our Banks website i.e.
com) in bidders Global EMD Wallet. NEFT Challan will be
https://www.bankofbaroda.in, Branches are advised
valid for one transaction only. If multiple transactions are
to submit PDF copy of abridged Auction Notice (i.e.
made, only first will be reconciled and other transaction(s)
“Annexure E”) and duly signed PDF copy of detailed terms
and conditions of the sale (i.e. “Annexure F-Revised”) to shall not be considered. NEFT transfer can be done
e-mail id of [email protected]. from any Scheduled Commercial Bank. Only NEFT
mode should be used for fund transfer. Use of any other
Procedure to create Maker and Checker ID payment mode would result in non-credit of EMD amount
Bank’s Nodal Officer will act as Admin User for our Bank. in the bidder’s wallet. Payment of EMD by any other
Bank’s Nodal officers will be responsible to create/edit mode such as Cheques will not be accepted. The Earnest
maker user IDs and checker user IDs (Checker shall be Money Deposited shall not bear any interest. For refund of
Authorized Officer only & it should be Chief Manager EMD of the unsuccessful bidders, Bidder has to seek the
& above scale) for respective Zone, Region, ZOSARB & refund online from e-Auction service provider by logging
ROSARB (starting with 4 characters of their IFSC). Maker in https://www.mstcecommerce.com and by following
& Checker users will be given a default password 111111 procedure for refund given therein and only after seeking
for first time login only. After login system will prompt refund online, the refund will be made by the e-Auction
for change of password through OTP sent on the user’s service provider. EMD amount of the unsuccessful bidders
mobile number. will be returned without interest.
Guidelines for BIDDER in E-auction Platform Log in:- Step 4 : Bidding Process and Auction Results: Interested
Registered bidders can bid online on e- Auction Platform
Bidder must complete following formalities well in after completing Step 1, 2 and 3.
advance:
The bid price to be submitted shall be equivalent or
Step 1 : Bidder/Purchaser Registration: Bidder to register
above the reserve price and during the e-auction bidders
on e-Auction Platform using his mobile number and email-
will be allowed to offer higher bid over and above the last
id Tutorial Video.
bid quoted and by minimum increase in the bid amount
given in the table to the last higher bid of the bidders. The
property will not be sold below the reserve price set by
the Authorized Officer. The bid quoted below the reserve
price shall be rejected. The bidders shall increase their
bids in multiplies of the amount specified in the public sale
notice/Terms and condition of Sale. Unlimited extension
of 10 Minutes time will be given in case of receipt of bid
in last ten minutes. Ten minutes time will be allowed to
bidders to quote successive higher bid and if no higher
bid is offered by any bidder after the expiry of ten minutes
to the last highest bid, the e-auction shaII be closed.
Step 2: KYC Verification: Bidder to upload requisite KYC In case of any difficulty or assistance is required before or
documents. KYC documents shall be verified by e-auction during e-Auction process they may contact authorized
service provider (may take 2 working days). Bidder representative of our e-Auction Service Provider, contact
registration, submission & verification of KYC documents details of which are available on the e-Auction portal.
and transfer of EMD in wallet must be completed well
in advance at least two days before auction date. In After finalization of e-Auction by the Authorized Officer,
case Auction purchaser submits the KYC documents successful bidder will be informed through SMS/ email.
within two days preceding the Auction date, Authorized (On mobile no/ email address given by them/ registered
officer / Bank / e-Auction service provider is having liberty with the service provider).
October-December 2020 11
The successful Auction Purchaser / Bidder shall have to The user credential (ID & Password) created on IBAPI
deposit 25% (Twenty Five Percent) of the bid amount (i.e. portal shall also be used by Authorized Officers (AOs) to
including EMD amount deposited earlier) immediately on access e-Auction platform of MSTC, where he/she can
finalization/concluding of Auction i.e. on the same day
view live bidding session, take certain decisions related
or not later than next working day. The balance amount
of bid purchase price payable shall be paid by the to sale using his digital signatures. All AOs have to register
successful Auction Purchaser/Bidder to the Authorized their Digital Signature (DSC) on e-Auction platform.
Officer on or before the fifteenth day of confirmation of Registration process is available for guidance on the login
sale of the property or such extended period as may be page of e-Auction platform.
agreed upon in writing between the purchaser and the
secured creditor, in any case not exceeding three months.
In case of failure to deposit the amount as mentioned
above within the stipulated time, the amount deposited
by successful bidder will be forfeited to the Bank and
Authorized Officer shall have the liberty conduct a fresh
auction/ sale of the property & the defaulting bidder shall
not have any claim over the forfeited amount and the
property.
Payment of sale consideration by the successful bidder
to the Bank will be subject to TDS under Section 194-1A
of Income Tax Act 1961 and TDS is to be made by the
successful bidder only at the time of deposit of remaining All decisions to be taken by respective Authorized Officer
75% of the bid amount. The successful Auction Purchaser/ regarding bidding/sale on the e-Auction platform has to
Bidder shall have to pay applicable GST to Bank on the
be endorsed with digital signature of Authorized Officer
bid amount.
(AO).
The Intending purchaser can inspect the property at his/
her expense. For inspection about the title document & The Authorized Officer/Bank has the absolute right to
other documents available with the Bank, the intending accept or reject any bid or adjourn/ postpone/ cancel
bidders may contact Bank of Baroda Branch during office the sale/modify any terms and conditions of the sale
hours prior at least two days before auction date. without any prior notice and without assigning any reason
The property is being sold on “As is where is”, “As is what including calling upon the next highest bidder to perform
is” and “Whatever there is” basis and the intending in case the earlier bidder fails to perform.
bidders should make their own discreet independent
inquiries & verify the concerned Registrar/SRO/Revenue The Authorized Officer will be at liberty to amend/
Records/ other Statutory authorities regarding the modify/ delete any of the conditions as may be deemed
encumbrances and claims/rights/dues/ charges of necessary in the light of facts and circumstances of each
any authority such as Sales Tax, Excise/GST/Income Tax case. The Bank/ Authorized Officer has the absolute
besides the Bank’s charge and shall satisfy themselves right and discretion to accept or reject any bid or
regarding the, title nature, description, extent, quality,
adjourn/postpone/cancel the sale/modify any terms
quantity, condition, encumbrance, lien, charge, statutory
dues, etc, over the property before submitting their bids. and conditions of the sale without any prior notice and
The e-auction advertisement does not constitute and assigning any reason. Bidders shall be deemed to have
will not be deemed to constitute any commitment or read and understood all the conditions of sale and are
any representation of the bank. The Authorized Officer/ bound by the same. No counter- offer/conditional offer/
Secured Creditor shall not be responsible in any way for conditions by the bidder and/or successful-bidder will be
any third-party encumbrances/claims/rights/dues. No entertained.
claim of whatsoever nature regarding the property put
for sale charges/encumbrances over the property or on On receipt of the entire sale consideration, the Authorized
any other matter etc. will be entertained after submission Officer shall issue the Sale Certificate as per Rules. The
of the online bid. Sale Certificate will be issued only in the name of the
Guidelines for Authorized Officer/Nodal Officer in successful bidder. The Sale Certificate will not be issued
E-auction Platform Log in:- pending operation of any stay/ injunction/restraint order
passed by the DRT/DRAT/High Court or any other court
against the issue of Sale Certificate. Department of
Financial Services, Ministry of Finance, Government of
India has advised all the banks to conduct all e-auctions
under SARFESI Act through e-Bikray portal only.
vvv
Jasobanta Kar
Chief Manager & faculty
Baroda Academy, Kolkata
12 - 2020
How to Use
NEGOTIATIONS
for Competitive
Edge in Any
Discussion
L ife is full of negotiations. May it be negotiating for
a salary rise, or striking a rent agreement with your
tenant, buying a car, talking to your partner, biggest of
3. Listen actively- Listen, listen and listen more. Listening
as an act to show respect and gain trust goes long
way in Negotiations. Resist the urge to think what to say
all, negotiating with your house help or babysitter if you next, when the other person is talking, instead, listen
have one. (Those have been the trickiest one personally) carefully. Paraphrase to check your understanding.
You may acquire some valuable information and
So, why not harness the power of negotiation and achieve understand the emotions behind any feelings like
a competitive edge in any discussions. Let us break down discontent, behind the message.
the process and understand it better taking EQ and IQ
4. Be mindful of anchoring bias- The first offer made
together.
during a negotiation, however random, exerts a
What makes you a good negotiator? strong influence on the Negotiations that follow. To
get the Negotiation in your preferred direction, ensure
Here is a five point strategy to help you stay ahead of your to make the first offer. In case, you have missed the
competitors and help you maximise your skills. bus, you can revisit your BATNA and keep that in your
mind during future course of negotiations.
1. Formulating a Negotiation Strategy- Understating
5. Voice Modulation and Body Language- Chris Voss,
your position, will not only give you power over the
in his book, ‘Never Split the Difference: Negotiating
situation, but also help you understand the ‘why’ in
As If Your Life Depended on It’ has identified 3 types
question Analysing what you really want from the
of voices that can be used in any Negotiation
transaction and how do you plan to achieve will give
depending on the purpose and situation. Needless,
clarity of thoughts. Make time to prepare. Know, what
to say, voice modulation plays key role in getting
do you want from the meeting and how do you plan
through to the other party.
to drive it. Remember, negotiation is giving to get, so
recognise when it’s not working and move towards The 7-38-55 Percent Rule created by Albert Mehrabian
persuasion of mutual interests. states that only 7 percent of a message is based on the
words while 38 percent comes from the tone of voice
2. Identifying your BATNA- Best Alternative to a and 55 percent from the speaker’s body language and
Negotiated Agreement. It is kind of your Plan B. One face. The body language of the person does not match
can define it as the most advantageous substitute the words they say, treat this as an alert to rethink your
that a negotiating party can take if negotiations position.
do not succeed. Your Plan A is only as good as your Negotiation is giving to get. It is neither linear nor
Plan B. If you don’t have a strong enough BATNA, stringent. It is as wide and organic as the degree of
you will tend to feel the pressure and anxiety during accommodation and intention of the negotiating parties.
the negotiation meeting. Both of these are not only Negotiation, when done right can optimise the value of
counterproductive in the negotiation process but all stakeholders and help increase the size of Negotiation
can also sever the on-going negotiation. The quality Pie thereby adding intrinsic value.
of a BATNA has the potential to improve a party’s vvv
negotiation result. Before arriving at the Negotiating
Yatri Thacker
table, ensure, your BATNA is deliberated enough. Chief Manager
Your BATNA will help you decide when to walk away BCC, Mumbai
from a deal.
October-December 2020 13
/Network Expansion
09 , 2020 09 , 2020
. .
, .
. .
.
05 , 2020 22 , 2020
. .
, ,
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- 2
07 , 2020
-2 . .
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14 - 2020
/Network Expansion
-
, 21 , 2020
. .
,
. .
Vijayawada Region inaugurates Benz Circle Branch ,
On 24 November, 2020, our Vijayawada Region 24 , 2020
inaugurated renovated Benz Circle Branch. Zonal
Manager Shri Man Mohan Gupta and other senior
. () .
executives were present on the occasion. ,
.
22 , 2020 04 2020
. .
, , .
, ,
.
October-December 2020 15
/Network Expansion
26 , 2020 04 , 2020
.
. ,
- , ,
. .
Chennai Zone inaugurates -2- more Regions
11 On 7th October, 2020, our Chennai Zone inaugurated
2020 14 -2- more Regions at Tiruchirappalli & Pondicherry. Shri R
Mohan, Zonal Head, Chennai Zone, other executives and
. , staff members were present on the occasion.
.
Ernakulam Zone inaugurates
new premises of Thrissur Region
28 , 2020 On 07 October, 2020 Ernakulam Zone inaugurated new
premises of Thrissur Region. Zonal Head Shri. K Venkatesan,
. Deputy Zonal Head Shri. Ziyad Rahuman, Regional
- . Head Thrissur Region Shri G Gopakumar, Regional Head
Ernakulam Region Shri. Babu Ravi Shankar R and other
staff members were present on the ocassion.
16 - 2020
/Network Expansion
, Trivandrum Region inaugurates
new premises of Ulloor Branch
10 , 2020 On 25th November, 2020 Ulloor Branch, Trivandrum
Region was relocated to new premises on Akkulam Road,
. , Trivandrum. Zonal Head Shri. K Venkatesan, Regional
. Head Shri. D Prajith Kumar, Deputy Regional Head Shri.
Anand Kumar Jha, Branch Head Ms. Prayaga M I, other
staff members and customers were present on the
occasion.
, Inauguration of New Premises of Ernakulam Zonal Office
07 , 2020 The new premises of Ernakulam Zonal Office was virtually
inaugurated on 20.11.2020 by Shri. Sanjiv Chadha, MD
() & CEO. Zonal Head Shri. K Venkatesan, Dy. Zonal Head
. , Shri. Ziyad Rahuman, other executives and staff members
. were present on the occasion.
- 28 , 2020
.
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. . , .
.
October-December 2020 17
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October-December 2020 19
festivities along with hope and vision as they step in a new
phase of life. Bank’s brand endorser P V Sindhu has also
been integrated to accentuate the spirits further high
t and grab attention.
‘Restar
i n e s s - Hum
Happ m k i n’
M u
Karein
a m p a ig n
e c
– a festiv
“Festival season always witnesses a surge in marketing
efforts. Thousands of brands attempt to spread awareness
and drive sales by releasing campaigns that leverage
the festive spirit. What can differentiate is an emotional,
intangible connect that makes a brand suddenly more
relevant in the crowd.” ~ Mr. Rakesh Sharma, DGM and
Head (Marketing & Branding)
F
In this view, the mnemonic “Restart Happiness” was
estivals in India are time to celebrate joyously with family,
designed along with tag line “Hum Karein Mumkin”,
friends and neighbours. This Year although Pandemic
which effectively portrays the message to the potential
has affected all facets of life, but we as Bank provided
customers that Bank is ready to empower them to realize
uninterrupted efficient services to our Customers. Our
their life long dreams of owning a home or a car and
Marketing Department made sure that our Bank image
happy times have arrived.
among customers remained at Pinnacle. Department
responded to changing times by making changes in Execution of the Campaign:
our Marketing approach with distinctive advertisements
“Without strategy, execution is aimless. Without execution,
throughout the Year. With arrival of Festivals and unlock
strategy is useless.”- Morris Chang
happening in all facets of life, biggest celebrations across
the Country start with Dussehra to Diwali and going on A successful marketing campaign reaches customers
till Christmas The retail segment also started picking up at all possible points of contact. Successfully putting
and offers by the realtors and companies started pouring together such a plan is important because it enables us
in targeting the customers to invest in Homes and Cars. to maximize the chances of reaching potential customers
This presented us, the Bank, a perfect opportunity to once and engaging them in a wide variety of ways.
again place ourselves as a strong enabler to fulfill Nation’s Campaign period was carefully chosen from 06.11.2020
dreams and enhance business. to 03.12.2020 as Navratri festival had already set the
To cash on the opportunity, we executed a 360 degree stage for Diwali. Thus a 360 degree plan, involving all
marketing campaign “Restart Happiness – Hum Karein possible channels of communication like TV, Radio, Digital
Mumkin” which subtly touches the point of restarting for channels, Social Media and Outdoor, was ideated and
us during this new normal and initiate new beginnings. put into action.
Vision of the Campaign: Media Coverage
We at Bank of Baroda, wanted to reach out to the The campaign was launched with a big bang being
aspirational Home and Car buyers of the Country with widely covered by Press on Pan India basis. Our following
an assertion that our Bank is an ideal partner in realizing release was published by major Newspapers. :-
their dreams - “Hum Kare Mumkin” and it’s time to ‘Restart
Happiness’.
Conceptualization of the Campaign:
Festivals are a time when everyone dreams of a happy
life together. At Bank of Baroda, the values are deeply
rooted in Indian culture. We want to be more than a
Bank to them, more like family in these testing times of
Pandemic, where the focus has been brought back to
the importance of family in one’s life.
It was very important to hit the market with a perfect
message which resonates with the customers and stands
out in the crowd. So, the imagery shows turning of the
current page of qualms to start afresh with happiness and
20 - 2020
most people tend to remember good and catchy ads
for years to come. Thus, we produced a TV commercial
which taps on customer’s latent wish of a self-owned
home or a bigger dream car and highlighted our USPs like
zero processing charges, competitive rate of interest, etc.
In order to relate and get the local feel the advertisement
was dubbed in -12- languages like Marathi, Bangla,
Gujarati, Malayali, Telugu, Tamil, Kannada, Odia,
Assamese and Punjabi apart from Hindi and English to
reach out to customers from across the Country. The
advertisement was telecasted in -53- major satellite
channels majorly during prime time slots and popular TV
shows like Big Boss, Naagin, Tarak Mehta , etc.
Bank of Baroda highlights its festive season retail offers
for its customers, fuelled by reduction in lending rates
through the launch of its Ad Media Campaign “Hum
Karein Mumkin” – an umbrella advertising for Retail Loan
products (Home loan & Car loan) in Television and Radio
& digital mediums. Through the campaign, the bank aims
to have a widespread reach about its discounted pricing
and ease of borrowing during the festive season. Bank’s advertisement on Major TV Channels
The bank has revised its marginal cost of funds based Innovative Media in Television
lending rate (MCLR) by 0.05% across all tenors with effect
from November 12, 2020. Earlier this month, the bank had We also selected new Medium called Whisper (Value
announced reduction in Baroda Repo Linked Lending added communication), this innovation strategy will
Rate (BRLLR) from 7% to 6.85% with effect from November incorporate our product in programme material,
1, 2020. wherein our Brand will be displayed/ discussed as part
of programme content i.e. Bank hoarding/ product /
The bank promotes attractive rate of interest, easy loan logo will appear during top shows on various channels of
takeover @0.25% concession in ROI, 100% waiver on the ZEE Network. As this is inserted within the content of the
processing fee with longer tenure with high amount of program it is unavoidable and gives high visibility for the
eligibility and zero foreclosure changes for home loan brand. This has been called as Whisper media in the plan.
and car loan. This initiative is undertaken to ease the life
of customers with exciting offers offered by the bank and
to create one stop shop solution for them.
Speaking on the initiatives Mr. Purshotam, Chief General
Manager – Retail Liabilities, WMS, Marketing, Demat &
NRI Business said, “The festive season has been a source
of positivity despite the challenges faced by people
from the pandemic. In an attempt to add to the joy of
our existing loyal customers and new customers, we at
Bank of Baroda have bundled several festive offers with
the reduced lending rates to facilitate their purchases
at an attractive price point. It is the bank’s continuous
endeavour to provide better value propositions to one Whisper media integration on Zee TV’s popular show
and all.” Kumkum Bhagya and Krishnakoli 2
Television Media Radio Media
Television is considered to be most effective channel of Our aim was to reach customers in even the farthest
advertising providing highest visibility and recall. After all, corner of nation, so the message was broadcasted
October-December 2020 21
through 196 FM stations and 20 All India radio stations in Digital Media
selected 89 cities including Tier I and Tier II. The 20 second
As we all are aware that Bank in the recent few years have
Radio Jingle was broadcasted in English, Hindi and
been active on various social media channels and also
Regional Languages Pan India. All Major Radio stations
leveraging digital marketing for awareness, engagement
like All India Radio, Radio Mirchi, Red FM, Big FM, Radio
as well as business development.
City, Suryan FM, MY FM were part of campaign to ensure
delivery our Bank’s message to customer. In this direction and also due to increased consumption
of digital media because of the COVID, to make a 360
Out of Home Media:
degree impact, in the Hum Karein Mumkin campaign it
Although Television and Radio is considered to be the was imperative of utilize Bank’s presence on social media
most effective medium of advertisement, it has to be channels and leverage paid digital marketing as well.
adequately backed by other mediums to ensure that
The idea was to use the various digital channels and
customers are always engaged and recall our message
generate awareness & leads for both Car and Home Loan
while they are on the ‘move’.
using the USPs like digital 3 step process, nil processing fee
and hassle free process. Also, while we run the campaign
to create awareness, it was also important to end-to-end
trace and monitor the performance and conversion of
leads for optimization of the campaign.
Accordingly, a well-balanced digital marketing plan was
devised and campaign was launched simultaneously
with other mediums viz; TV, Radio, Outdoor etc.
ADSAT at Bengaluru International Airport
For which, we all know Outdoor / OOH media is important
and significant medium to connect with the consumer
and capture their attention. In order to create a buzz and
better recall of the campaign across pan India the 200
+ sites/display units for promoting “HumKareinMumkin”
campaign were selected considering the maximum
dwell time of the customers/travelers such as: Metro
train branding of Mumbai & Delhi Metro trains (which
includes exterior wrapping & internal panel branding),
Passport Seva Kendras at 77 centres across Pan India,
Waiting areas at Major airports, Façade at premium Malls
of Ahmedabad, Mumbai, Delhi & Gurgaon , Highways, Facebook Linked In
Traffic junctions etc.
Apart from the existing sites/ display units the few
additional sites were also hired to reach to the masses
such as Foot over bridge which connects Dadar Central &
Western Station in Mumbai, 100+ display units at platform
panels of Dadar Station, Digital screens at Bengaluru
International Airport & Infinity Mall, Malad (Mumbai).
Further, it was observed that Customers shall use this
Festival season to unlock their buying spree and outside
movement will increase considering which the campaign
was promoted through additional 50+ value add sites Instagram
across Mumbai, Delhi & Kolkata.
Delhi Metro Train Wrap
Youtube
22 - 2020
the campaign reach by using this new age medium by
running video ads across Hotstar for awareness and leads.
For any digital marketing campaign to maximize its reach
and really create a 360 degree impact, Aggregators &
Publisher Networks play an extremely important role due
to the large audience base and various targeting options.
We leveraged these platforms by running emailers / SMS
campaigns via Managed Inventory on News, Business,
Finance & Auto Genre & Managed Publishers as well as
running ads on publisher networks such as Time of India,
India Express, jagran.com, business standard, zee news
and in shorts for awareness and leads.
To measure the performance of the campaign in digital
medium, there are various metric available and this
Twitter campaign has delivered 13 Lakh + view for the video
To make a large impact, we leveraged some of the ads on Facebook, YouTube & Instagram. In terms of
Google’s largest properties including Search, YouTube, performance, the campaign has delivered approx. 7.92
and the Google Display Network. We also utilized Cr impressions, around 30 Lakh clicks across platforms
Facebook & Instagram and targeted users based on and 10300+ leads for Car Loan & 15500+ leads for Home
interest, behaviours, competitors, online money transfer Loan through Digital Lending Platforms.
services etc. Additionally, we also explored targeting What we have achieved with this Campaign is not just our
using lookalikes audience functionality in Facebook for product awareness but an emotional connect with the
relevant connect. customers as well so as to ensure highest brand recall in
Over The Top (OTT) platforms are also an upcoming digital this age of advertisement overload.
consumption and marketing medium and we extended
Snapshot of Hum Karein Mumkin campaign across the mediums
Television Radio/OOH Digital
Covered -53- major Covered all major Google’s largest properties including Search,
channels across 11 Radio Stations like YouTube, and the Google Display Network
languages Radio Mirchi, Red FM,
Big FM, Radio City,
Suryan FM, My FM Optimally leveraging Facebook & Instagram
Subtle brand and All India Radio and targeting users based on interest,
integration through behaviours, competitors, etc.
Whisper media on
popular shows like Pan India coverage
Kumkum Bhagya, across 29 states, 89 Emailers / SMS campaigns via two leading
Agabai Sasubai, etc cities including Tier II aggregators.Video ads across Hotstar
and Tier III cities awareness and leads.
DTH Channels like
Tata Sky, Videocon
DTH and Dish TV also OOH - Endeavor was Campaign shall deliver approx. 7.92 Cr
covered to grab maximum impressions and around 30 Lakh clicks.
eyeballs by targeting Around 30 Lakh clicks across platforms and
high footfall areas 10300+ leads for Car Loan & 15500+ leads for
A reach of 33.50 like Airports, Metro Home Loan through Digital Lending Platforms.
crore viewers stations, Malls
vvv
Contributed by: Team Marketing
BCC, Mumbai
October-December 2020 23
, 30 , 2020
. 37
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24 - 2020
bloom state of their short existence levels in our personal and professional
in this universe. Whether someone life.
notices or not, they enjoy their state
The role of regular exercise and
of blossom and show the world
Me and My that they live life to the fullest in this
especially the role of running in
reducing stress levels is noteworthy.
Habit of
beautiful planet. If we observe and
Let me not explore others' opinions to
study them carefully, we can learn vouch for it; let me keep my thumbs
a lot from them on how to be happy
Running
up to tell the world that, "yes, running
during our bubble like human life— is indeed a stress buster".
Carpe diem.
After my daily morning run, the day in
Apart from the beautiful flowers, hand often gives me a day filled with
F
looking at green leaves is quite a lot of energy and freshness to travel
or all good reasons, walking is
rejuvenating. More than walking soothing for our eyes. It indeed some extra miles in my tasks. And,
(slow) running has always been an nourishes our eyes and soul. the long runs during the weekend
enriching experience for me. When On an equal footing, on the flip side, it enables me to throw out a lot of
we run, apart from physical fitness, is so painful to see those fallen flowers negative energy gained throughout
we can also have the sheer joy of and leaves. Whenever I look down the week and pumps in with a lot of
experiencing different thoughts in our and observe them on the ground, as creative energy for the week in the
mind. far as possible, I avoid stamping on offing.
There is no pre-programmed them. Apart from an increase in our overall
sequence for those thoughts. It pops Quite often, during my perimeter level of health, running brings in a
up with its natural turn or out of pure road (cemented and light grey) run lot of confidence and self-esteem,
spontaneity. Sometimes, it can be a around our flats, it is quite easy to spot which we may not be able to buy
single thought for a complete lap. black ants of various sizes. They often from any online stores for sure. It can
At times, it also offers a volley of march forward with utmost passion help us to increase our lung function,
thoughts. and never say die attitude. More than and it can boost our immune system
anything, ants do teach us lessons a lot during these days of Corona
Apart from these thoughts, the
about teamwork. We can also come Virus pandemic.
running moments provides answers
to many unanswered questions of the across their solo adventures too. They It will undoubtedly help our heart
past. Yes, we can enjoy a lot of 'me move around quite energetically. as well as for losing or maintaining
time' in its abundance or its highest We can also come across their sheer consistent body weight. Believe me,
form if we are running solo. When we guts to pull or push something bigger after a few minutes of running; our
run in formation or when we run with than their minuscule size in general. brain starts secreting hormones that
others, we are bound to discuss/chat naturally improves our mood. So,
with our buddy runners. We, humans, must be looking like running is beneficial to our body,
mammoths in front of them. It must mind and spirit.
We may be able to enjoy the 'we be the same feeling when we look
time' rather than 'me time' over there. at elephants too. Out of sheer Last but not least, running and
But then, running in a group always spontaneity, we have the advantage soaking in sunlight helps our body
motivates us a lot, especially when we of stamping and hurting them a lot. for the production of 'Vitamin D'
are mentally tired. More remarkably, Nevertheless, life on earth must be a.k.a 'the sunshine vitamin' which is
either as solo or in a group, when we honoured for all good reasons. The a crucial ingredient for our overall
run, our quality of thoughts are much planet belongs to them too. Let us health...
better when compared to those live [now with masks] and let live Let's spend some time and indulge in
indoor moments like a caged parrot. others. regular exercise regime to keep our
At times, during the run, we turn to be It is good to sweat out of running, and body fit and mentally agile to take
more conscious about our immediate sweat is good for our skin. Maybe on the world and to keep the process
surroundings. We can then enjoy the sweat purifies our skin by throwing out of ageing at bay.
greenery [if available] around us in its the bacteria, dirt, oils and impurities. Let me conclude here with a
minutest details. Sweating also prompts us to drink contemporary thought; with more
Beautiful multi-coloured flowers of more water. And, more importantly, immunity and with increased lungs
various sizes and shapes are indeed water helps us to keep many joints in power, we can also keep the
a treat for our eyes if it is there. When our body lubricated and flexible. The COVID-19 at bay.
we look at those flowers, they often people who live in colder regions do vvv
acknowledge our look with their not sweat at all. Running helps them
happy outlook as if they are smiling a lot in sweating it out.
at us. Rajesh. R
Running is a stress buster for all known
Senior Manager
Our looks must be motivating them reasons. As humans, irrespective of
RO, Bengaluru North
a lot to be jubilant and to be in full age, we all go through different stress
October-December 2020 25
The Regulatory Sandbox
Changing Landscape of Fintech
and Innovations in
Banking Industry.
I nnovation in financial services, while not without risk, has
the potential to significantly improve customer service,
expand financial inclusion, bring down cost of providing
the stakeholders namely:-the regulator, the innovators,
the financial service providers and the customers (as
final users) to conduct field tests to collect evidence on
banking services, enhance transparency and facilitate the benefits and risks of new financial innovations, while
resilient economic growth. Some innovations may be carefully monitoring and containing their risks. It can
deterred by concerns about regulatory uncertainty, as provide a structured avenue for the regulator to engage
well as rules designed for existing technologies that do with the ecosystem and to develop innovation-enabling
not apply to new systems or absence of required rules for or innovation-responsive regulations that facilitate
new technology .Furthermore every innovation need a delivery of relevant, low-cost financial products. (RBI,
testing environment before being launched. When the 2019; RBI, 2019).
innovation is about banking services it requires testing 1. Story of Regulatory sandbox across the world:
not only from customers protection angle but also from
other stakeholder’s perspective as competitors , other It’s not that only India was struggling with the process
regulatory bodies such as SEBI, AMFI & other players from of unleashing innovation, the problem was being
financial industry such as NPCI, CCIL – hence from entire faced by all developed and developing economies
ecosystem of all stakeholders. Sandboxes and other forms across the world. Let’s look at briefly which countries
of engagement facilitate bringing up such an ecosystem. pioneered with regulatory sandbox concepts across
By bringing innovation within a supervised framework, the globe:-
regulators can potentially speed up the adoption of Ø In November 2015, the UK’s Financial Conduct
useful innovations while limiting risks to consumers and the Authority (FCA) became the first regulator to launch
market. a formal regulatory sandbox. The sandbox is part of
Regulatory Sandbox (RS) usually refers to live testing of the FCA’s Project Innovate, which also included an
new products or services in a controlled/test regulatory innovation hub that supports innovative businesses
environment for which regulators may (or may not) with a range of services.The FCA has accepted three
permit certain regulatory relaxations for the limited cohorts, totaling 59 firms, into its sandbox, with 18 of
purpose of the testing. Sometimes also called “financial those firms (the first cohort) completing their tests.
sandboxes,” regulatory sandboxes enable fin-tech and Ø In just two short years since the FCA’s announcement,
banking innovators to temporarily receive relaxed, or 17 other countries have formally announced
flexible, regulatory treatment. This allows them to test regulatory sandboxes and table below enlists the
new products, services, business models, or delivery pioneering countries. Outside the UK, only one firm
mechanisms without instantly having to follow all the rules in Singapore and five in Thailand have completed
normally associated with these activities. The RS allows all sandbox tests.
Country Regulator Launched Year Cases tested Cases Accepted
UK Financial conduct authority (FCA) Nov-2015 59 18
Canada Canadian Securities Administrator Oct-2016 2 ---
Malaysia Bank Negera Malaysia Oct-2016 6 0
Singapore Monetary Authority of Singapore Nov-2016 2 1
Abu Dhabi Financial services Regulatory Authority Nov-2016 16 0
Australia Australian securities and insurance commission Dec-2016 2 0
Thailand Bank of Thailand, Securities and exchange Dec-2016 11 5
commission
Behrain Central Bank of Behrain Jun-2017 2 0
Thereafter, as per the data from dfsobservatory.com/content it has been found that the concept of regulatory
sandbox has been embraced by almost 50 developed and developing world regulators across the world.
26 - 2020
2. Regulatory sandbox for India b) Governance of Regulatory Sandbox:
2.1 Need The governance mainly answers the following three
The need of regulatory sandbox in India arises on questions:-:
account of rising sophistication of plethora of banking • Who operates the sandbox?
solutions especially digital banking ,behavioral banking • What are the principles behind decisions to be
and fin-tech solutions. All proposed products bring out made?
better solutions and new way of banking but also lead • And how the information is shared?
to increase in levels of risks. Further with every innovative In India, The RS is designed to run a few cohorts (end-to-
product or service it is unclear whether it complies with end sandbox process), with a limited number of entities
existing banking standards or not and if it does not then in each cohort testing their products during a stipulated
the same cannot be rolled out due to such limitations period. The RS shall be based on thematic cohorts
thereby hindering innovation. To aggravate the situation
focusing on financial inclusion, payments and lending,
every organization is trying to do pilots with dozens of
digital KYC, etc. The cohorts may run for varying time
Fintechs and new technologies.
periods but should ordinarily be completed within six
Going by the facts, according to NITI Aayog, India is one months.The focus of the RS shall be narrow in terms of
of the fastest growing Fintechs markets globally, and areas of innovation, and limited in terms of intake. The
industry research has projected that $1 trillion, or 60% RS shall begin the testing process with a few selected
of retail and SME (small and medium sized enterprises) entities through a comprehensive selection process as
credit, will be digitally disbursed by 2029. detailed in the framework under ‘Fit and Proper criteria
The Indian Fintechs ecosystem is the third largest in for selection of participants in RS’. The decision of the
the world, attracting nearly $6 billion in investments RBI on the application shall be binding on all. RBI has ‘Fit
since 2014. Fintech or financial technology companies and Proper criteria for both participants and solutions/
use technology to provide financial services such as products as enumerated in box:-
payments, peer-to-peer lending and crowd funding,
among others. Fit and Proper Criteria for Selection of Participants in
Regulatory Sandbox:-
Therefore, in order to protect customers and safeguard
the interests of all stakeholders, and streamline their Every applicant shall satisfy the following conditions:
influence on the financial system, there is need for a ü It should either be a company incorporated and
regulatory and supervisory framework for Fintech firm. registered in India or banks licensed to operate in
Considering the above, The Reserve Bank of India (RBI) India or a Financial Institution constituted under a
set up an inter-regulatory Working Group (WG) in July statute in India.
2016 to look into and report on the granular aspects of ü The entity shall have a minimum net worth of Rs.25
FinTech innovations and its implications so as to review lacs ABS.
the regulatory framework and respond to the dynamics
of the rapidly evolving FinTech scenario. One of the ü The promoter(s)/director(s) of the entity should be
key recommendations of the WG was to introduce fit and proper as per the clearly written criteria
an appropriate framework for a Regulatory Sandbox ü The conduct of the bank accounts and the credit
(RS) within a well-defined space and duration where history of the entity as well its promoters/directors
the financial sector regulator will provide the requisite should be satisfactory.
regulatory guidance, so as to increase efficiency, manage
ü It should demonstrate that the products/services
risks and create new opportunities for consumers.The
are technologically ready for deployment in the
RBI chose to adopt an approach similar to the UK FCA
broader market.
wherein applicants will be selected by the RBI based on
pre-defined eligibility criterion and start the regulatory ü The entity must demonstrate arrangements to
sandbox in cohorts containing a few entities at a time. ensure compliance with the existing regulations/
laws on consumer data protection and privacy.
2.2 An abstract of the objective, governance and
operations of Regulatory Sandbox is given below:- ü There should be adequate safeguards built in its
IT systems to ensure that it is protected against
a) Objectives :
unauthorized access, alteration, destruction,
In India the legal mandate of the regulatory sandbox disclosure or dissemination of records and data.
lies with RBI and objective is to encourage innovations
ü The entity should have robust IT infrastructure and
intended for use in the Indian market in areas where:
managerial resources. The IT systems used for end-
there is absence of governing regulations; there is a
to-end sandbox processing shall provide end-to-
need to temporarily ease the regulations for enabling the
end integrity of information processing.
proposed innovation & the proposed innovation shows
promise of easing/effecting delivery of financial services Every solution shall satisfy the following conditions:
in a significant way. The target applicants for entry to the ü The proposed FinTech solution should highlight an
RS, are Fin-Tech companies including startups, banks, existing gap in the financial ecosystem and the
financial institutions and any other company partnering proposal should demonstrate how it would address
with or providing support to financial services businesses. the problem.
October-December 2020 27
4. Naffa Innovations operates Tone Tag, an offline
ü Further it defines a set schedule for testing, laying feature for phone-based UPI payments solution
and approving expected outcomes and an exit for P2M transactions over “sound medium” by
plan in case of non-achievement of objectives(*). establishing a channel for data transfer over
interactive voice response (IVR) between devices.
ü Significant risks arising from the proposed FinTech Our bank has also tied up with this firm “Tone Tag” for
solution or financial service should be assessed and sound based payments.
mitigation plan shall be submitted.
5. Ubona Technologies, founded in 2007, operates a
c) Operations within India’s Regulatory Sandbox: voice-based UPI payments solution that facilitates
offline person-to-person (P2P) and P2M transactions
A detailed end-to-end sandbox process, including the using mobile phones, including feature phones.
testing of the products/innovations by Fintech entities,
shall be overseen by the FinTech Unit (FTU) under overall 6. Eroute Technologies operates a UPI-based offline
guidance of the Inter Departmental Group (IDG) of RBI payments solution using SIM overlay smartcard placed
with participation of domain experts. The end to end on the SIM, to drive SIM tool kit (STK) menu-based user
stages of regulatory sandbox are :- interface to facilitate P2P/P2M transactions.
• 4 weeks • On December 16 2020, the RBI announced the
Prescreening • Shortlisting of applications second cohort under RS, with cross border payments
as the theme. It will accept applications for the
• 4 weeks testing programme till February 15, 2021.
• Fintech unit with finalise test design, lay down
Test Design expected outcomes after deliberations with
• Additionally, RBI has chosen micro, small and medium
applicants. enterprises (MSME) focused lending as the theme for
the third RS cohort, as per a statement on the second
• 3 weeks cohort’s announcement.
Application • Fintech unit shall vet the test design and propose
Assessment regulatory modifications 2.3 Exclusion from Sandbox Testing
• 12 weeks The entities may not be suitable for the RS if the proposed
Testing • Generate evidence of outcomes of new. financial service is similar to those that are already being
offered in India unless the applicants can show that either
• 4 weeks a different technology is being gainfully applied or the
Evaluation • Final outcome is evaluation with preset expected
outcomes, report preparation and RBI decision.
same technology is being applied in a more efficient and
effective manner.
Important developments in India under RS 2.4 Exclusions from Regulatory Sandbox by RBI:
An indicative negative list of products/services/
• Retails payments has been the first cohort for
technology as decided by RBI to be precluded from
experimentation under new RS structure in India. The
testing is given below.
innovative products/services which, among others,
shall be considered for inclusion under RS are Mobile • Credit registry
payments including feature phone based payment • Credit information
services, Offline payment solutions, Contactless • Crypto currency/Crypto assets services
payments. The RBI announced that 32 companies • Trading/investing/settling in crypto assets
had applied for the sandbox programme, of which six • Initial Coin Offerings, etc.
have been shortlisted. Their brief details of shortlisted • Chain marketing services
firms and their proposed solutions/ innovative • Any product/services which have been banned by
products are as under the regulators/Government of India.
1. National Support Consultancy Services - The Jaipur- 3. Challenges and risk involved in RS framework:-
based organization is testing its product named Since regulatory sandboxes provide a closed testing
‘eRupaya’, which is a near-field communication environment for innovations the first and foremost
or NFC-based prepaid card and an NFC-enabled challenge faced by them are extent of identical
point of sales (POS) terminal which will allow digital environment as to real world to participants for testing.
payments to take place completely offline. All variables as present in real financial world should be
2. Nucleus Software Exports based in Noida is working to present in the RS and should actively test all hypothesis.:
connect rural areas with electronic payments, mainly Regulators must strike the right balance between
by leveraging the self-help group network. It is trying adopting a more pro-innovation mindset without
becoming excessively deregulatory. Many innovations
to create a digitized self-help group ecosystem.
would demand change in regulations of perhaps
3. Tap Smart Data Information Services operates relaxations in regulations which have to be considered
CityCash, a product set of near-field communication extensively at various forums. Hence the challenge faced
(NFC)-based prepaid card and NFC-enabled point here is not only striking the right balance as mentioned
of sale (PoS) device, to facilitate offline person-to- above but also the time taken by regulator in testing and
merchant (P2M) transactions. evaluation.
28 - 2020
In India, RBI has adopted a time bound approach for each 5. Holistic benefits of Regulatory Sandbox for entire
stage of operations of RS wherein testing and evaluation financial system of a country
of products and innovations shall be completed in 12
Setting up a regulatory sandbox unveils a welcoming
weeks and 4 weeks respectively. Another challenge or
approach of the regulator towards innovation in financial
risk perceived by Fin-tech innovative companies is that
sector. It reinstates that the objective of regulator is to
regulatory sandboxes try to create an un-level playing
encourage innovation and best practices and it works
field i.e.those firms who get admitted to regulatory
hand in hand with financial units for the benefit of country
sandbox have an advantage over others towards
and citizens. The perception of the financial units and
testing, regulations and other scenarios if the innovation
other stakeholders towards the regulator changes from
is approved. Transparency and scientific decision making
controller to enabler, from policy maker to collaborator
approach can bring down this challenge to a larger
in innovation.
extent but still can’t rule out the first mover advantage. A
sandbox may not be the most effective way to achieve Regulatory sandbox provides a faster feedback loop
the identified objectives, and should be weighed against between the industry and regulator as well as allows
other potential approaches. faster market entry. Regulatory Sandbox also ensures
proper consumer protection and lays a roadmap for
4. Illustrations of contributions of Regulatory sandbox
changes in policy wherever required based in results of
globally:-
findings within RS.
Ø One early example of a sandbox facilitating
Regulatory sandbox also gives an opportunity to the
innovation and benefitting financial inclusion comes
regulator to communicate their priorities and objectives
from Malaysia. WorldRemit, a London-based online
to the financial industry players. Just as presently RBI
only remittances company, that sought to enter the
has opened its first cohort in area of “retail payments” it
Malaysian market. WorldRemit was accepted into
indicates that financial inclusion and digitization for retail
BNM’s sandbox and permitted to use an online KYC
segment is the priority for the country.
process instead of KYC checks in person. The new
service would enable migrants in Malaysia to transfer The testing and the findings of the regulatory sandbox lay
money to over 140 countries as easily as sending a groundwork for data collection of various scenarios of
an instant message, using the WorldRemit app or innovation. The data so collected shall be useful in future
website. The company has seen remarkable growth as empirical evidence for any supporting policy changes
across Asia Pacific, which now accounts for almost or recommending any product level changes.
25% of all transactions sent by WorldRemit globally. 6. Conclusion
(Source-WorldRemit website)
Innovation in financial services has immense potential
Ø Tradle, a participant in the FCA’s first cohort, used
benefit every country and its citizens by attaining the long
the sandbox to test a digital customer onboarding
cherished objectives of their financial system. However
process that, while not prohibited, was outside the
innovation also poses risks to consumers, investors and
scope of existing best practices and therefore subject
existing financial units. By facilitating innovation within a
to regulatory risk in the eyes of market participants. An
flexible but rigorous framework of oversight, sandboxes,
app and web-based service that creates personal
together with other tools, have the potential to increase
or commercial identity and verifiable documents
the benefits of innovation for consumers and the
on a distributed ledger. In partnership with Aviva
broader economy while minimizing the risks. The financial
the insurance partner, they will provide a system for
landscape is changing faster than before and calls for swift
automated customer authentication. Tradle used
changes in products and solutions since the expectation
the sandbox to validate its solution with live testing,
of the users /consumers is evolving. In next 10-15 years we
reducing onboarding times for an insurance partner
as a country would have an entirely different gene as our
from two weeks to two days.(Source fca.org.uk &
users hence all our products and solutions need to evolve
Tradle website)
to be adapted by new gene mindset as well as needs.
Ø Central Bank of Bahrain (CBB) had admitted two The convergence of banking and technology has been
Fin-tech companies into the sandbox, both based faster than we thought and is expected to bring massive
outside Bahrain: Tramonex, a London-based foreign change .Regulatory sandbox is the right approach to
exchange cash management solution for businesses, embrace these changes.
and NOW Money, a Dubai-based account and
remittance service for low-income workers in the Gulf References :-
Cooperation Council countries. RBI WG report
Ø MAS had admitted four companies to the sandbox, https://www.rbi.org.in/Scripts/PublicationReportDetails.
and one had completed its test. PolicyPal, an online aspx?UrlPage=&ID=938
insurance broker using artificial intelligence to make
personalized coverage recommendations, was https://www.cbb.gov.bh/assets/Regulatory%20Sandbox/
Fintech_NovV1.pdf
admitted in March and exited in August. There was
no specific regulatory impediment to its operation, vvv
but MAS employed the sandbox to allow PolicyPal to Mrs. Sheetal Sharma
test its technology and distribution model in a live, but Chief Manager & Faculty
limited, environment. Baroda Academy
New Delhi
October-December 2020 29
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, 2020
the golden State Karnataka in presence of Zonal Head Ms
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On 25th November 2020 Trivandrum Region inaugurated 03 , 2020 ()
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/ Important notice for readers
(-, 2021)
. / 07.04.2021 -
[email protected] .
All the esteemed readers of Bobmaitri are informed that forthcoming issue of the Journal (January-
March, 2021) will focus on Digital Lending related topics. Accordingly, please send us your write-ups/
Articles on the said subject on or before 07.04.2021 at our e-mail ID [email protected].
October-December 2020 39
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October-December 2020 41
Cheque fraud in our
Bank & Preventive
Measures
What is cheque fraud? Typically, the cheque books given • Mostly the accounts where,
by banks to the customers for substantial amount of balaces
• Forgery – signing a cheque
issuance have to comply with strict are maintaned and no instace
without authorization or
guidelines in terms of embedded of cheque return, are targeted
endorsing a cheque not payable
security features as well as steps to by the fraudster.
to the endorser.
be followed during the processing. • The Cheque series which has
• Theft – stealing cheques to use But the fraudsters also have access counterfeited are in line with
for fraudulent purposes. to sophisticated technology which the cheque nos. issued to the
• Paper hanging – writing cheques can replicate most of these features customer.
on closed accounts or ordering on counterfeit cheques and make
• Thus, with respect to points
and then, writing cheques on it impossible to distinguish between
mentioned above it is clear that
closed accounts. the original and the fake especially
there is data compromise which
in image-based cheque processing.
• Cloning of Cheques- is available to the fraudsters for
It is also possible to get the signatures
Counterfeiting the Cheques with attempting fraud in cheque
of the original account holder
very high quality of resemblances payment system.
through underhand means so as to
and having high degree of pass through that checkpoint too. • Temporarely, they change the
forged signatures. But, technology is a double-edged registered mobile no. of the
tool — and also provides a way to customers in the accounts very
Much as it may sound ironic that
address this problem! cleverly, so that the customers
we are talking about cheque
cannot get instant transaction
fraud in an era of high technology Some Common Modus Operandi message/alerts.
and instantaneous payments, this (MO):
problem is very real, even in today’s • NRE accounts are normally not
world. Cheque fraud can take in • Fraudsters are now a days operated regularly. In these
several forms — counterfeit/ fake attacking on Government accounts substantal amounts
cheques, altering beneficiary details Accounts also taking the are maintained. So these
fraudulently or genuine cheque with advantages of non reconciliation accounts are very vulnourable
a forged signature. In this article, we of transactions on regular basis. to be attacked by the fraudsters.
focus mainly on the first problem of • Fraudsters are also attacking Existing Control Mechanism:
counterfeit or fake cheques. Senior Citizens and Society
accounts. Inter-SOL transfer transaction at SOL
Incidents involving fake cheques where, neither payee nor drawer
occur with regularity, while banks • Fraudsters are counterfeiting the
maintains account are prohibited.
and regulators keep updating the Cheques and they are of very
However, in case customer request
security features and specifications high quality thus, it becomes
for allowing the Inter-SOL tranaction
to identify genuine cheques. With very difficult to detect during the
at a branch where neither payee
advancements in technology, even preliminary scanning stage of the
nor drawer maintains account, the
fraudsters have upped the ante. cheque at the CBO’s / Branches,
Branch Head-2 and Branch Head-1
Hence, there have been increasing before the same being sent to
of the branch will be the Competent
cases in recent times which have clearing.
Authority to take a decision to
not been detected through the • All the counterfeit Fraudulent permit such transfers after observing
regular scrutiny and processing and cheques which are presented, the stipulated safe guard such as
have therefore resulted in significant have high degree of forged contacting the base branch for
monetary losses for the banks and signature which cannot be ascetaining the genuineness of
account holders. Although it may identified through naked eye the cheque/the transactions, other
appear on the surface to be a minor and further more, these finer extant system and procedures.
issue, it has already resulted in a differences cannot be identified
hit to the bottom line and in some when the scanned image All cheques received for transfer/
instances even eroded the credibility is reviewed at the point of clearing transactions should be
of the bank and the banking system processing the instrument in the screened under ultra violate ray
at large. Clearing. machine for safe guarding against
42 - 2020
non appearent chemical alteration the bank that vaious types of 3. Identification and review of
in the tenor of the cheque. After SMS alerts will be received by specific suspicious cases with
examination of the cheque through them alongwith emails. respect to the fraud trends. A
Ultra Violate Ray machine, passing query is run to identify the specific
2. Pursue for Baroda Connect
officer should certify by putting fraud trends and enhanced due
facility for viewing the account.
rubber stamp on the back of the diligence will be done before the
cheque. • SMS Alerts: cheque is cleared in the CTS.
Any message pertaining to the • Email Alerts a. Call to the Customer
cheque flashing in the FINACLE • Menu option- UCS for changing b. Checking for any Telephone No.
system such as” CHEQUE ALREADY Stauts of Cheques. change in the recent past.
PASSED and CHEQUE NOT ISSUED”
should NOT be ignored and base • Inter-SOL operations of RTGS/ c. Calling the Base branch to
branch be contacted to ascertiain NEFT tranactions verify the change request and
the genuineness of the cheque/ • Guidelines for processing of also receive confirmation from
transaction. Written confirmation cheques for fund transfer the customer for payment
should be obtained from the base through RTGS/NEFT and cheques instructions.
branch. received favouring Yourself/Bank d. Checking with the payout
In case of high value transfer of Baroda. branch / bank for enhanced due
transactions, i. e. Cheque of Rs. 2 • Revised Policy with respect diligence.
lacs and above, base branch should to Changing of Mobile No. 4. Tele calling and validation
be contacted for ascertaining in customers account. The of recent 90 days mobile no.
genuineness for taking decision on existing policy had some control changes by calling the old no.
the particular cheque transaction weakness with respect to the and also the new no.
and written confirmation by email/ representation of the mobile
fax must be obtained before passing 5. Review of the enhanced due
change request, in an effort to
the cheques. In case of cheque diligence done on the accounts
strengthening the representation
below Rs. 2 lacs base branch may be where there is a mobile no.
a revised guidelines is in
contacted in case of doubt. change is affected in the last 90
place which will mitigate the
days period.
In case of transfer cheques of Rs. 2 representation request for
lacs and above, if confirmation is changing of mobile no. One way to do this is to add a Secure
not received from the base branch, QR Code with details such as cheque
• In the earlier process SMS alerts
the cheque should be taken on number, account number and bank
for debits were sent to the mobile
collection basis and should be sent to code stored inside. Cutting-edge
no. which was existing in the
the base branch on next working day technology similar to hyper ledger
system. The Bank has revised the
under advice to the customer. The ensures that, this high security,
process such that the change
same is also applicable for transfer of tamper proof code can only be
request requisition is also sent
cheque of less than Rs. 2 lacs where created by the issuing bank. This
to the old no. and the new no.
there is a doubt and confirmation is QR code is machine readable and
such that the customer is aware
not received from the base branch. the information inside can be cross-
in the event of a fraudulent
checked with the MICR information
In case of High value cheques representation.
to validate the cheque and identify
presented in clearing and in case • There have been minor defects the fraudulent ones. Most importantly
of doubt, CBOs/Main branches in these counterfeit cheques the QR code is unique for ‘each’
(Handling clearing) should contact with Spelling Mistakes, Font Size cheque and can only be generated
base branch and ascertain the and alignment of information, if by the issuing organization. The
genuineness of the cheque. proper care is taken the cheque technology can be easily integrated
Other Control Mechanism: fraud can be prevented. with the existing infrastructure and
Some suggestions to prevent Cheque can handle the necessary processing
• Screening of cheques through
Frauds: volumes. Qryptal QR code financial
Ultraviolate Ray Machine.
services are privacy friendly with
• Ascetaining the features of CTS- 1. Separate Queuing in the CTS no dependency on cloud and
2010 Standard Cheques. for calling the Customer for the zero sharing of customer sensitive
value of Rs. 2 lakhs and above information. However, the feasibility
• To prevent fraud in Governmnt especially with respect to the is to ascertain with the help of IT
accounts- NRE customers. department.
1. Update mobile No. of 2. In the event of contact failure, vvv
person handling accounts need to introduce 48 hours
of Government Department. Hemant Kumar Singh
cooling period before the said Chief Manager
Explain them the benefit of cheque is returned.
registering mobile number with Zonal Office, Lucknow
October-December 2020 43
/ NEWS
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October-December 2020 45
/ NEWS
24 , 2020 05 , 2020
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Hyderabad Zone organizes property dealer meet
On 06th November, 2020 Hyderabad Zonal Office
16 , 2020 organized Recovery Agent / Property dealers meet.
Zonal Head Shri Manmohan Gupta, other staff members
. , , and property dealers were present on the occasion.
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2020 09 , 2020
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46 - 2020
/ Vigilance Awareness Week
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October-December 2020 51
Book Review
Name of the Book- Good to Great
Author- Jim Collins
Publisher- Random House Business Books
Year of First Publication- 2001
I had heard a lot about this book a few years back and 4) The hedgehog concept 5) A culture of discipline and
finally I got a chance to lay my hands on this book just 6) Technology Accelerators. The author has backed
recently. Jim Collins –the author of the book is a well- up the concepts with actual facts and figures of these
known Management book writer. He is also the co-author companies which will further concrete your conviction in
of the best seller Built to Last: Successful Habits of Visionary the result of the research.
Companies. Jim Collin has been a forever student of
Level 5 Leadership: The author tells us how Level 5 Leaders
enduring great companies and continues to be teacher
are a paradoxical mix of personal humility and professional
of executives in the private, public and social sectors.
will and how they always attribute success to others than
Good to Great is a -300- page book which has been themselves. Since I read the book I am wondering what
written after an in-depth and rigorous research for five would have happened to Gillette if Colman Mockler had
years by the author and his team. The team examined 1435 not been the CEO at one point.
Fortune 500 companies and their performance for last 40
First Who then What: The author explains how much it is
years in almost everything that could affect any decision
important to get the right people on your bus even before
making, from hiring CEO to layoffs, to acquisitions, to stock
you know where to drive, because the right people are
market performance to technological adoption. Finally
self-motivated and will always commit themselves no
the team found 11 companies that became “Good to
matter what objective the company needs to achieve.
Great”. Initially I thought how could be it possible that only
Ever heard a steel manufacturing company recruiting
-11- companies were able to make it but the author also
farmers for floor job?
expected this question to be on every reader’s mind and
so he has very well explained the selection criteria and Confront the brutal facts (yet never loose faith): The
the background of their research at the very beginning author reveals that the good to great companies faced
of the book. just as much adversity as the comparison companies
but responded to that adversity differently and didn’t
The book reveals some very interesting facts about the shy away from hearing the truth. They built in a culture
11 Good to Great companies and how some usual myths where truth was heard and emerged from adversity even
about great companies like “launch of a great change stronger.
program with tag lines“ or “may be the company must
have adopted a game changing technology” have The Hedgehog Concept: Well this one is my favorite part
been busted. On the contrary the book reveals how of the book which talks about one simple thing “What are
people and culture of the companies matter the most we best at?” Here the author has written about all -11-
and technology is just an accelerator. companies and what they came to understand as their
“Best at”. This part of the book is quite interesting as all the
The author tells that turning a good company into a examples and facts given by the author are very thought
great company is like trying to move a giant flywheel by provoking.
constantly putting honest efforts in one direction. Once
the flywheel starts moving, it just needs acceleration to The Culture of discipline: We all have been taught from
keep up the momentum. childhood that we must remain disciplined in our life to be
successful. Well the same is true for companies as well. But
The author discusses about -6- concepts which form the more than having a discipline rule book you need to have
framework for Good to Great companies and if followed disciplined people onboard. The author has mentioned
meticulously will set the giant flywheel moving. These some great examples taken from Abott Pharmaceutical
concepts are 1) Level 5 Leadership 2) First Who then and Wells Fargo Bank whose executives practiced a
What 3) Confront the brutal facts (yet never loose faith) concept called “Rinsing your Cottage Cheese”.
52 - 2020
Technology Accelerators: It is a usual notion and a Overall this book gives you many thought provoking
business myth that many a times we attribute the success concepts drawn from real life experiences which are
of a company to technology. Well the author explains tried and tested. After reading this book I came to the
very lucidly how technology plays an important role conclusion that no change can be brought in overnight
as an accelerator but it’s never the sole thing. How and that you need a constant disciplined effort with the
companies which were way ahead in technology than right people on board to make the giant flywheel move.
their competitors are now extinct. The only wish I have is to see some Indian Companies
making this cut whenever another such research takes
Finally the author explains about the Flywheel and the
place.
Doom loop and how to identify whether a company is in
flywheel loop or the doom loop. This book is a must read for all my colleagues who have
just embarked on the Senior Management role or are
Here I would like to quote a line from Chapter 8 of the
aspiring to be in one such role soon. I hope this book
book- “Good to Great transformations often look like
review is able to induce you to some level to read the
dramatic, revolutionary events to those observing from
book ASAP.
outside, but they feel like organic, cumulative process to
people on inside”. The author puts forward the conclusion Language of the Book- The good news is you don’t
of the research conducted by him and his team that need to possess very high English comprehension level
there was no single defining action, no grand program, for reading this book. Although if you want to have a
no one killer innovation and no miracle moment for the complete understanding of the book you can google
-11- companies but all they did was putting in persistent about the companies and some examples quoted.
effort in a consistent direction over a long period of time. vvv
Since this a book based on research, in the appendix
section the author has taken the liberty to reproduce
the results of comparison between the good to great
companies and their competitors on various parameters
along with excerpts of interview with their executives. Priyajeet Mahapatra
Some of you will find this section quite interesting since it Senior Manager & Faculty
tells a lot of stories about various Fortune 500 companies Baroda Academy, Baroda
and assumptions surrounding these companies.
Mumbai Zone Introduces
Avedan Online Portal
Our Bank has been forerunner in launching various employees
centric initiatives amidst the other PSB and we pride ourselves in
having the best employee practices amidst peers. In continuation
to that tradition, Mumbai Zone launched SOS HR helpine for the
employees of Mumbai Zone under the umbrella of Employees’
Avedan online portal viz. https://bob-avedan.in
Avedan online portal has been conceptualized and crafted on
a web and cloud based online platform by our in-house Zonal HR
Team, by considering aspiration of the Gen- Next employees for
quick resolution and to provide easy and accessible platform to
connect Zonal HR.
The portal covers SOSHR Helpline, Queries, Pensioners helpline and
submission of online application for special pay posts.
vvv
Team HR
Mumbai Zone
October-December 2020 53
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56 - 2020
The former India cricket captain was mention. Yunus brought a revolution
ruthlessly dropped from the team in the field of microfinance – a tool
allegedly at the behest of then used by him to eliminate poverty in
Australian coach Greg Chappell. Bangladesh. The Grameen Bank
Sourav was down, but not out. He provides small loans to the extremely
Attitude
bid his time, underwent the ignominy poor, thus giving the borrowers a
of playing domestic cricket, got chance to become entrepreneurs
IS
some runs to his name and proved and free themselves from the cycle
his worth for selection at the top of poverty. A PhD in economics,
Everything
level. Not easy for someone who Yunus had taught in the US for a
was arguably the biggest cricketing few years and been a professor of
name in India after the great Sachin economics in Chittagong University
Tendulkar. And what a comeback it’s in Bangladesh as well. But Yunus
T he biggest animal in the jungle
is the elephant, not the lion. The
tallest animal in the woods is the
been. He had a prolific run with the
bat in his second stint and proved
every critic wrong. He played like a
became disillusioned with economics
in the early 1970s as 80% of people
in Bangladesh were living in abject
giraffe, not the lion. The fastest animal prince and never looked back since poverty, thanks to the floods and
in the forestland is the cheetah, not then. His attitude to lie low and get famine during that period. He was
the lion. They say the wiliest in the into the Indian team through proper upset that nothing in the economic
timberland is the fox, not the lion. But channel by playing domestic cricket theories that he taught in college
still lion is called the King of the Jungle. won him the hearts of millions across reflected the life around him. He tried
Why? ATTITUDE! It’s this strikingly the cricketing world. Today he is a to find out the cause from villagers
courageous attribute that makes it a top-notch cricket commentator and and soon realized that it was their lack
real lion among all animals. the current president of Board for of access to credit that was holding
So, what is attitude? In this context, Cricket Control in India. Sourav, thy them in poverty. And so came the
attitude can be defined as the name is attitude! idea of microfinance. As they say an
courage and confidence to do what idea can change your life, Yunus’
Sachin’s contemporary Vinod Kambli
you believe in. Looking on the bright efforts in the field of microfinance and
was full of talent but lacked good
side is a given. microcredit brought a sea change in
attitude. And the result was he
the life of millions of poverty-stricken
Of course, aptitude does matter, but just faded into oblivion. Just talent
people in Bangladesh. In 2006, both
it’s always your attitude that leads doesn’t help if the person is bereft of
the Grameen Bank and Yunus were
you to scale heights of success. attitude. Sachin became great more
awarded the Nobel Peace Prize
Keeping your chin up when the chips because of his attitude towards his
for their efforts to alleviate poverty
are down -- is an example of positive life and profession. His humility and his
in Bangladesh. A normal person in
attitude. extraordinary discipline towards his
place of Yunus would have gone
craft (batting) made him the premier
Take the story of dancer and actress back to the US and lived a comfy life
batsman of his time.
Sudha Chandran. She was a rising there. Any other person would have
dancing star in her teens. But she met Being a black and eyeing the sympathized with the poor, unlike
with an accident and consequently, White House is quite an audacity, Yunus who empathized with them. He
she had to amputate one of her at least in America. Barack Obama felt their pain. This kind of a revolution
legs to survive. Of course, she was could become the US President not is impossible without attitude.
devastated initially, but losing a leg because he was a Harvard luminary,
Attitude is how you carry yourself,
did not deter her from chasing her but because he dared to dream big.
something you hold in your whole
dream. With the help of an artificial And it was this daring attitude that
being, your entire approach to the
limb called the ‘Jaipur foot’, she made him a man and separated him
world. The world’s greatest achievers
danced her way to success -- a from boys.
have been those who have always
success that remains unparalleled till Those who play it safe have a had the right attitude. A positive
date. Today she is regarded as one of cushy life but ordinary one. They attitude can really make your dreams
the best exponents of Bharatnatyam. soon become history, unlike people come true. In a nutshell, having the
Hers is a typical story of mind over with attitude who create history by aptitude is not enough, it’s always
matter. By sheer willpower and walking the less-trodden path. your attitude that determines your
positive attitude, she bounced back altitude.
Last but not the least, the name of
in life and carved out a niche for vvv
Muhammad Yunus, the founder
herself in her field.
of Grameen Bank, too is worth a
Look at the way Sourav Ganguly
handled the setback in his career.
Lekshmy Anand
Deputy Regional Manager
Thrissur Region
October-December 2020 57
Incentives awarded for
reporting of
Near-Miss Events
N ear Miss Event is defined as an Operational Risk event
that does not lead to a loss or an event where the
amount lost is recovered before the close of business
on the same day. It is an undesired event or sequence
of events which have the potential to cause serious
damage to the Bank, if not addressed properly in a time
bound manner.
As a prudent Risk Management practice, all Near Miss
events are required to be reported for conducting Root
Cause Analysis and initiation of Corrective Action Plan,
wherever applicable. In order to encourage reporting of
Near Miss events, an incentive scheme was formulated by
the Bank for the Financial Year 2019-20 and was circulated 2nd Prize (Rs 3000/-)
vide Circular BCC:BR:111:344 dated 15.07.2019.
Mr Saurabh Prakash Sharma (Manager) presently posted
Incentive Scheme was comprising of two categories (1) at Kidwai Nagar Branch, Lucknow Zone.
Monetary Incentive and Certificate of Appreciation and
(2) Certificate of Appreciation. Narhi Branch received a phone call for urgent fund transfer
from account of Panchayati Raj followed by a letter
Upon careful examination of all reported Near-Miss for fund transfer of Rs. 4.99 Crs to 14 accounts of Gram
events, Committee has identified the following events for Panchayat, Pratapgarh for construction of water tanks in
Incentive/ Appreciation during 2019-2020. the concerned Gram Panchayats. The letter apparently
Category-1-Monetary Incentive & Certificate of appeared to be signed by Director, Panchayati Raj.
Appreciation. While entering the transaction in the system, continuous
1st Prize (Rs 5000/-) calls were received from an unknown Mobile number
requesting for immediate fund transfer and confirmation
Mr Varun Bhatia (Senior Manager) presently posted at of successful transfer which created suspicion. The
Overseas Branch, Bengaluru Zone. Branch called the concerned officials of Panchayati
A cheque for Rs 10 Crs favouring a customer of Raj Dept for confirmation who denied having issued the
Chandapura Branch drawn on account of M/s Project letter. The account was frozen for debit immediately so
Director, Mizoram Road having account with MSME that no fraudulent transaction could take place. Swift
Aizawi Branch was presented for intersol transfer at and appropriate action by Mr Saurabh Prakash Sharma
Chandapura Branch. Being a High Value transaction, the averted the possible loss.
Branch informed the Regional Office and Zonal Office
and were told to exercise caution. It was found that the
cheque belonged to the same series of cheque book
that was earlier fraudulently presented in Clearing. On
close scrutiny the cheque was found to be fake and was
returned unpaid. Prompt and timely action of Mr Varun
Bhatia not only averted the fraud but also resulted in the
arrest of the Culprits by the Police.
3rd Prize (Rs 1000/-)
Mrs Nehal (Officer) presently posted at IBB, New Delhi
Zone.
7 Cheques amounting to Rs 74 lacs drawn on a single
account were received in CTS clearing at CBO, New
Delhi. Since all the cheques were of high value, Mrs Nehal
contacted the account holder to confirm the genuineness
58 - 2020
of the cheques. Customer denied having issued any such Name Designation Present place of Posting
cheques and informed that the original cheques were in Mr D.K. Chabra Manager CBO, New Delhi Zone
his possession and payment of the cheques was stopped.
Mrs T. Mohana Officer CBO, Chennai Zone
Quick and speedy act of Mrs Nehal foiled the attempt of
Mr Kesavan Officer CBO, Chennai Zone
the fraudsters. Gopinath Vinoj
Ms E. Rani Business CBO, Chennai Zone
Associate
Ms Pavithra K. Business CBO, Chennai Zone
Associate
Mr Sushant Senior Garmur Branch,
Manager Kolkata Zone
B. For thwarting attempt by Prospective Borrower to
mortgage property which is already mortgaged to
another Bank:
Name Designation Present place of Posting
Category-2 - Certificate of Appreciation.
Mr Bhaskar Kumar Senior Umanagar Branch,
Following Staff have been awarded Certificates of Jha Manager Patna Zone
Appreciation: The Incentive Scheme has been continued for the
A. For averting Cheque related frauds: Financial Year 2020-21.
Name Designation Present place of Posting A Near-Miss today could be an Accident tomorrow.
Mrs Suruchi Khattar Officer CBO, New Delhi Zone
vvv
Ms Salma Ansari Officer CBO, New Delhi Zone
Contributed by: Team Risk Management, BCC Mumbai
,
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October-December 2020 59
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60 - 2020
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Corporate Social Responsibility
,
03 , 2020 ,
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18 , 2020
.
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16 , 2020
-2- .
.
October-December 2020 61
ts
or
Sp
n
ti • Sri. K.Gowtham and Sri. Rohan Kadam are presently
en
in the Ranji Trophy squad.
em
ev
Achievements of our team members
hi
Ac
• Sri. K Gowtham represented “Mumbai Indians,
Rajasthan Royals and Kings XI” in IPL during 2015
to 2019, also represented in Karnataka in the Ranji
Trophy and played in the Karnataka Premier League.
Bank of Baroda in Sports Played for India A and IPL. Only player to achieve
hat-trick for India A played against West Indies.
Our Cricket Team • Sri. KC Cariappa represented “Kolkata Knight Riders”
in IPL during 2015 and 2019; “Kings XI Punjab” during
Our Bank has been encouraging sporting activities for IPL 2016 and 2017, was selected for Ranji Probables
more than three decades. A number of sportspersons during 2015-16, 2016-17, 2018-19; Represented in
recruited by e-Vijaya Bank have brought laurels to the Karnataka T20 Syed Myshtaq Ali/ U19 U23/Ranji
institution and to the country over the years. The legends Probables
who need no introduction are Sri Javagal Srinath (Cricket),
Sri Anil Kumble (Cricket), Sri R. Vinay Kumar (Cricket), Smt. • Sri. Rohan Kadam represented in Karnataka Ranji
Ashwini Nachappa (Athletics), Sri G. Dilip (Olympian, trophy; Vijay Hazare Trophy, BCCI Syed Mushtaq Ali
Basketball) etc. Other than above, there are many Trophy and KPL
players who have represented National teams, who are • Sri. Akshay S L represented in Karnataka Ranji Trophy,
retired from the Sports but still in the active services of the Vijaya Hazare Trophy, Syed Mushtaq Ali Trophy
Bank. and Karnataka Premier League
Since COVID-19 the Bank of Baroda Cricket team at • Sri. Rakshith Shiv Kumar represented Karnataka in
Bangalore is participating in its 1st tournament this year. U13, U16, U19, U23, Karnataka Premier League
Bank of Baroda Cricket Team BANGALORE is one of
the best team in Karnataka as they are part of the • Sri Karthik C A represented in Karnataka U19, U23 and
Karnataka State Cricket Association 1st Division Teams. U25; Vijay Hazare Trophy, Syed Mushtaq Ali Probables
Team members are Sri. K Gowtham, KC Cariappa, Sri. and Karnataka Premier League
Rohan Kadam, Sri. Akshay S L, Sri. Rakshith Shiv Kumar, • Sri. Muhammad Aslam represented in Kerala U25 and
Sri Karthik C A, Sri. Muhammad Aslam, Sri. Niyas Nizar, Sri. Kerala Ranji Trophy Probables
Zeeshan Ali Sayyed, Sri. Arjun Shetty, Sri. Raghavendra C,
Sri. Naga Bharath. All these are staff members and these • Sri. Niyas Nizar represented in Kerala Ranji Trophy,
team members are state players and represented Renji Vijaya Hazare Trophy, Syed Mushtaq Ali Trophy,
Tournaments. Kerala U19, U23, U25 and Karnataka Premier League
Cricket Team: • Sri. Zeeshan Ali Sayyed represented in Karnataka U19,
U22, U23, U25; U19 India World Cup Probable and
Bank’s Cricket team of Bengaluru Zone has been in Karnataka Premier League
excellent form as evident below:
• Sri. Arjun Shetty represented Karnataka in U15, U17,
• Karnataka State Champions for the year 2018-19, by U19, U22, U25 and Karnataka Ranji Probables
winning the KSCA TOURNAMENT FOR GROUP II – 1ST
DIVISION • Sri. Raghavendra C represented in Karnataka Ranji
Trophy and Karnataka One Dayers
• Runners place in the ALLEPPEY CUP ALL INDIA T20
Cricket Tournament at Alleppey in 2019 • Sri. Naga Bharath represented in Karnataka State all
age groups, Karnataka A Captain, U19 India world
• Participated in prestigious D Y Patil Cup held at cup probables; National Cricket Academy, KPL and
Mumbai and All India tournament at GOA. After the Karnataka Ranji Probables
said tournament Sri. K.Gowtham was selected for vvv
team India “A” to tour the West Indies.
Contributed by: Bengaluru Zone
62 - 2020
2. Like toothbrush: Yes,
WHAT’S IN A password is like a toothbrush,
PASSWORD?
change it periodically and
What’s in a name?
don’t share it with anyone.
That which we call a rose by any
other name would smell as sweet. 3. Don’t repeat passwords:
Please don’t use the same
- William Shakespeare password everywhere. It’s
hard to track which password
is for which portal, but
constantly using them will
help you remember it.
4. For Your Eyes Only: For
to which I asked “Ma’am safekeeping of books, ledgers, ATM
you shouldn’t share your Cards, e-mail account, don’t write
password with anyone, that’s your passwords anywhere. It’ll be
risky. I strongly advise you hard to remember all of them at first,
against that.” but once you get used to it, there’s
no going back.
“And that was a fake
password answer, and you 5. Password Policy: Sometimes strong
shouldn’t ask such questions. password is not enough. Consider the
2 020 was a strange year. Many lost
jobs, some were forced to take
unpaid leave, not many movies to
I strongly advise you against this” She
outsmarted me by saying this.
password Hanuman@12 - One would
think it’s a strong password because it
has capital letter, small letter, number
watch, theatres closed, travelling Password updating and creating
and symbol. But sometimes even that
became risky business, branch audit strong password is like Vitamin D, it’s is not enough, if one figures out the
was tedious, and being foodie important and necessary. Random keyword, your password is weak.
became tough task and so on. Survey on international website
Coming to good news, this global HEALTH IT posted an article about the 6. Passphrase, the Superhero we
pandemic made us realize we are list of The Usual Passwords. Here are deserve: Sometimes, passwords
lucky than many people. Instead most frequently used passwords: aren’t enough. So, using passphrase
of focusing on what to do next, we is better idea. Consider MVEM@
started to list what we have and be 1. 123456 14. admin JSUNP9. No one would remember
thankful for it. Cyber Security is still this password and can’t guess it,
an important issue that needs to be 2. 123456789 15. qwertyuiop but it’ll be easy for you to enter. The
addressed. Despite of Lockdown, 3. qwerty 16. 654321 explanation is Mercury Venus Earth
Unlock and few other things, cyber Mars Jupiter Saturn Uranus Neptune
security awareness is still a myth 4. password 17. 555555 Pluto. @ Symbol after 4 planets
among many people around us. 5. 1234567 18. lovely represents asteroid belt and 9 number
The fact that many more people to at the end indicates 9 planets.
fell to OTP SCAM to get bank loan 6. 12345678 19. 7777777
7. And Then There Were None:
moratorium period firmly indicates 7. 12345 20. 888888 Sometimes life is like The Truman
that we need to be stay alert and Show, someone’s always watching
cautious about our security and 8. iloveyou 21. princess
us. Be careful while entering your
privacy issues. Informing customers 9. 111111 22. dragon password, make sure no one is
about such frauds and alerting them around it and cover your hands while
against such fraudulent calls is need 10. 123123 23. password1
typing just in case if you’re in CCTV
of the hour. As they say, if we keep recording area.
11. abc123 24. 123qwe
our customers happy, they keep us in
business. 12. qwerty123 25. 666666 That being said, Privacy is like a lucky
penny, it should be protected at all
May 7 is celebrated as World 13. 1q2w3e4r costs. Because, you know, a penny
Password Day. It came along to saved is a penny earned.
provide a warning to the world, and If your password matches or comes
close to any passwords mentioned vvv
to spread awareness that taking care
of your passwords is vital to protecting above, kindly change it. Here are
yourself. It is very important to keep few tips to consider while changing it:
passwords safe, secure, change it 1. The Usual Elements: One capital
constantly and last but not least, not letter, one small letter, one number ArunKumar P T
to share with anyone. That being said, and a symbol are the usual elements Business Associate
I asked my colleague, what’s their of a strong password. Your password Belagur Branch
password? She replied Meghana@1 must have these four key factors. Hassan Region
October-December 2020 63
Zindagi Mein IndiaFirst Life launches
#NoAadheVaade! Guaranteed Protection Plan
In line with its
Only Guaranteed Protection!
Only Guaranteed Protection! ideology to provide
#CustomerFirst
Insurance as part of one’s financial portfolio has the solutions, IndiaFirst
power to cater to multiple life stage needs. Securing Life has introduced
lifestyle of one’s family through a pure protection solution its new Guaranteed
on self, remains at top of the need’s hierarchy. While Protection Plan.
this is an over-arching need that influences customer’s
With this plan, customer can pay at one-go for a
purchase behavior, it is equally important to understand
limited period and get covered for life. This new-age
customer’s long-term financial goals, to recommend an
insurance product that best suit their needs. This role of term plan is first of its kind Guaranteed Protection
recommending the right insurance solution to a customer Plan which offers seven innovative coverage
is played by each of you as their trusted financial advisor. options catering to all customers segments.
The comprehensive plan is designed to fulfil the
So how does one guarantee the fulfillment of long-term
promises made by anyone to his loved ones with a
financial goals, along with financial security for their loved
ones? The recently introduced, IndiaFirst Life Guaranteed financially protected future. Our Executive Director
Protection Plan, is a comprehensive solution that promises & Director, IndiaFirst Life Insurance Company Ltd.
to fulfill these needs with a protection guarantee for a Shri Vikramaditya Singh Khichi and Deputy CEO,
lifetime as one of the seven plan options. This also serves IndiaFirst Life Insurance Company Limited Shri
as a testament to our #Customer First philosophy, that is Rushabh Gandhi were present on this occasion.
at the heart of every business decision.
This new-age, comprehensive, term insurance plan can be
customized according to specific insurance requirements
of each customer. IndiaFirst Life Guaranteed Protection
Plan comes with a plethora of plan options, features
and product flexibilities to fulfil insurance requirements
across customer segments. It is designed to secure the
certainties of life through a protection guarantee, in line
with customer’s stated time horizon.
With this plan, you can promise your customers, the
following benefits:
• Ab Jiyo Jee Bhar Ke: The plan provides cover against
multiple eventualities like terminal illness, death or
accidental disability. Its low premium ensures family
financial goals are secure without the need to
compromise on lifestyle.
• Raho Tension Free: Apart from providing cover against
COVID-19, in case of diagnosis of any covered critical
illness or degenerative diseases, such as Cancer,
Cardiac Attack, or Parkinson’s Disease, this plan
provides a lumpsum benefit to pay medical expenses
along with the day-to-day financial requirements.
Without the need to dip into savings, this provides
income flow in times of need.
• Premiums Bhi Hain Protected: The Return of Premium
Option gives customers the choice to get back The IndiaFirst Life Guaranteed Protection Plan promises
premiums, on survival, till maturity of the policy. protection for loved ones, while ensuring security and
• Protection Bhi, Pension Bhi: By opting for the Dual peace of mind for everyone!
Protect option, customers get an assured retirement Go ahead! Protect Your ComPromises with IndiaFirst Life
bonanza along with guaranteed regular income to Guaranteed Protection Plan!
support their retirement years along with life cover vvv
throughout the policy term. Sunanda Roy
• Karein Apne Jeevan Saathi Ko Bhi Cover: Apart from Country Head – IndiaFirst Life
the insured individual, the same policy also insures Insurance Company Limited
the individual’s spouse, with a Premium Discount.
,
64 - 2020
-, 2020
/ /
. -
,
, , , , , ,
, , , , ,
, , , , , ,
()
, , , , , ,
October-December 2020 65
HIGHLIGHTS OF BANK’S FINANCIAL RESULTS FOR Q3 FY 2021
The Bank announced its financial results for the Particulars (INR Q3 FY 20 Q2 FY 21 Q3 FY 21 YOY (%)
quarter ended on December 31, 2020 following the crore)
approval of its Board of Directors. The results were
Interest Income 19,071 17,918 17,769 -6.83
announced by MD&CEO Shri Sanjeev Chadha and
Executive Directors Shri S L Jain, Shri Vikramaditya Interest Expenses 11,939 10,410 10,020 -16.07
Singh Khichi and Shri Ajay K Khurana at a virtual Net Interest 7,132 7,508 7,749 8.65
press/ Analyst’s Meet. Highlights of the results are Income (NII)
presented below: - Editor Non- Interest 2,738 2,802 2,896 5.77
Highlights Income
Operating 9,870 10,310 10,644 7.85
Domestic advances increased by 8.31% led by organic
Income (NII+
Retail and Agriculture loans at 13.78% and 14.08%
Other Income)
respectively. Domestic CASA momentum continues with
CASA ratio up by 240bps YoY to 41.20%. Credit deposit Operating 4,912 4,758 5,054 2.89
ratio increased to 81.5% as of Dec’20 from 80.1% as of Expenses
Dec’19. Operating Profit 4,958 5,552 5,591 12.77
• Global advances increased by 6.30% led by domestic Total Provisions 7,155 3,002 3,957 -44.7
organic retail and agriculture loans which grew by (other than
13.78% and 14.08% respectively. Auto loans increased tax) and
by 22.56% YoY. contingencies
• Domestic CASA ratio increased to 41.20%, up by 240 of which, 6,621 2,277 2,080 -68.58
bps YoY. Domestic cost of deposits in Q3FY’21 is lower Provision for NPA
at 4.27%, a decline of 15bps QoQ. Profit before Tax -2,197 2,550 1,634
• Operating Profit for Q3FY’21 is Rs 5,591 crore registering Provision for Tax -790 872 573
an increase of 12.77% YoY and 0.70% QoQ. NII stood Net Profit -1,407 1,679 1,061
at Rs 7,749 crore, an increase of 8.65% YoY and 3.21%
QoQ. NIM % 2.88 2.96 3.07
(Domestic)
• Trading gains up by 55.22% YoY. Trading gains were
at Rs 925 crore in Q3. Recovery from TWO stood at Rs Business details
511 crore in Q3FY21 as against Rs 341 crore in Q2FY21.
Particulars (INR Q3 FY 20 Q2 FY 21 Q3 FY 21 YOY (%)
• Domestic margins (NIM) increased to 3.07% in Q3FY21 crore)
compared with 2.96% in Q2FY21. Global NIM at 2.87%
compared with 2.86% in Q2. Domestic 7,82,070 8,35,894 8,34,811 6.74
deposits
• Cost to income ratio for 9MFY21 declined to 47.74%
Domestic CASA 3,03,795 3,32,493 3,43,937 13.21
from 48.21% in 9MFY20.
Global deposits 8,96,162 9,54,340 9,54,561 6.52
• Gross NPA ratio stood at 8.48% as on Dec 31, 2020
against 10.43% as on Dec 31, 2019. Net NPA ratio to Domestic 5,84,466 6,05,245 6,33,039 8.31
2.39% as against 4.05% as on Dec 31, 2019. advances
• Proforma GNPA ratio and NNPA ratio at 9.63% and Of which, retail 1,01,995 1,11,944 1,16,046 13.78
3.36% as of Dec 31, 2020. loan portfolio
(ex- portfolio
• PCR has increased to 85.46% as on Dec 31, 2020 purchase)
compared with 77.77% as on Dec 31, 2019 (85.35% as
Global advances 7,01,267 7,18,957 7,45,420 6.30
on Sep 30, 2020). Covid-19 related provisions stood at
Rs 1709.45 crore.
Particulars Q3 FY 20 Q2 FY 21 Q3 FY 21
• Bank reported a Net Profit of Rs 1,061 crore as on Dec
31, 2020 on a standalone basis and consolidated Net CRAR (%) 13.48 13.26 12.93
Profit is at Rs 1,196 crore. Tier-1 (%) 11.45 10.75 10.57
• Capital adequacy (CRAR) stands at 12.93% with CET-1 (%) 9.85 9.21 8.98
CET-1 at 8.98% on a standalone basis and for the
consolidated entity it stands at 13.60% and 9.76% Particulars Q3 FY 20 Q2 FY 21 Q3 FY 21
respectively. Gross NPA (%) 10.43 9.14 8.48
• IT Integration of all the eVB and eDB branches Net NPA (%) 4.05 2.51 2.39
completed successfully by Dec 2020. Bank is
implementing a strategic transformation initiative PCR (with TWO) (%) 77.77 85.35 85.46
which includes New Ways of Working and digital Slippage Ratio (%) 6.78 0.54 2.44
led experience for its customers to unlock growth Credit Cost (%) 3.88 1.24 1.16
potential.
66 - 2020
Corporate Album
Bank enters into MOU with M&M for Tractor finance
Our Bank and Mahindra & Mahindra (Tractor Division)
entered into an MOU for Tractor finance business. The MoU
gives our Bank the status of preferred financier to M&M.
Shri Madhur Kumar, General Manager (ZH, Mumbai Zone)
and Shri Sunil Johnson, National sales Head, Mahindra
and Mahindra were present on the occasion.
22 , 2020
/
. ,
.
Bank enters into MOU with Dailmer India Commercial
Vehicles Private Ltd
On 21st December, 2020, our Chennai Zone and Dailmer
India Commercial Vehicles Private Ltd entered into
an MOU for financing its Customers for purchase of
commercial vehicles. Shri R Mohan, Zonal Head, Chennai
Zone, senior officials of DICV and other staff members
were present on the occasion.
October-December 2020 67
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