BSNL MOU With Indian Bank -Detials-inf. by Ashok Hindocha M-09405145990

www.bsnlnewsbyashokhindocha.blogspot.com M-094051 45990
BHARAT SANCHAR NIGAM LIMITED
(A Govt' of India EnterPrise)
CORPORATE OFFICE (Bankilg' F:lance Division)
5th Floor, Bharat Sanchar eh-a;an, Harish Chandra Mathur Lane
..-- :"'ry::3:T:1Y:l
No : - 1 -9lBBF/Staff Loan/ 1 I -12
To
Dated:26-05-2011
All CirclesI' FA
BSNL EmPloYees'
MOU with corporationB ank for extending variousl oanst o BsNL employeesh as
beens ignedo n 26_05_zott.T he g.n.rui-*r"*a conditionsa nd detailso f rateso f
interesta reg iveni n Annexure-l'
A copy of the agreement has been placed on our intranet site
ylllv.intranet.bsnt.co.in ,'o"ihead Director (Fin) and sub-head Budget & Finance
Control.
Encl: CoPY of agreement
DGM (BF-III)
Phone 0ll-23329670
Fax 0l l-23734033
ff:tii.r", Managecro, rporatioBna nkM, -41, p.B.No.16c2o,n naugchitr cusN, ew
Delhi- 110001f or informationp lease'
(S.Janardh amy)
frd*oELHI x 3 3284
NI'g Bharat Sanchar Niglm Limited (BSNL), a company incorporated under the Companies
fili;,l,tifl;Hifl;n,i:+':::'"*T."':y*,:ry::^*F.rjl:oJ-o B;#f.h,i !aiSr1aa1t nlciBThha"aril w,laJn,,ll; tv General Manaser fRF Iff\ r/r{,,1*. ^,.+r^^-:^^a
herginaflerr eferredt o as *',, !L-ull-uy'horittord e..n teiif fi
il MEMORANDUM OF UNDERSTANDING
E
BETWEEN
0
AND
EH
E
v r r r L r \ r r t r t \ t .
BSNL and Bank are collectively referred to as..the parties,,
qg, qmar$rY!|l*
g, J#tsndrin-Snnrry
-
conroration Bank, a body corporate, constituted under the Banking companies
$"rumr:#H*:""1,y#f :**gi,"."t:r ?. ;liitg itsh eaodr ncae:t_ a4ensiatadev
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/.
'sba..? cGcff'i'{"tr'i'nlil lil;aFl
tlmtlnq6rlrffisi H
3.8,H.1ff.r tcu tl.r
kft*oELHr
F wnnREAS:
f, t ' M/s' Bharat sancllNigam Limited (BSNL)i s a companyin corporated companiesA ct' 1956J tart"r^ii. registerei undert he ;ffi";rporate office at 3,d Froor,
: i'Tfii Hilfi,if;;;;i,ifr'* chL,o*,*' * Lanrea,n paNtehw,D erhi-
$ emplo)'eeus ..o., the country
operatingc ompanyin India rr"rirg 3.2 lakhs
E2'
J:.[ff:iT,iil*fir]rlt*t desireass peciLaor anp ackargoeri tse nrirset arr
E
3' In pursuantt
:f-lht above, vide letter no. l-glBBF/st aff Loar/2010-11 dated g *o,t;i3.J;r""lt\l*Xi*.'"u'i"''
o'ooosraot ru uriour,o anrsa c'itierso ri ts
Vide letter n
rncorporating
specimen copies of the agr
employee(s) (hereinafter ri
loan.
Braankc halsi,t aite thes re-<'tl'ilffi:,ffir".Ht'"1ffi:X(.iTl'l?':i:j out in the letter of offer ;.
-i-"g/";F/Staff
Loar/20r0_11d ated
x 3 3283
+.
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qq
5 .
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E
Eg
Consequently,
provide loan
conditions set
28.10.2010.
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/(-
1.
€{'-:t2
|ON BANK
vttl-61'oT EI F{I{zF
Asstt-G en futare':='
e?
D
"1.
6. The Loan will be evidenced by the Loan Agreement and other Loan
(hereinafterr eferredt o as the "Loan Documents") to be executedb etween
and Borrowers. In consideration of the loan facilities, the parties have agteed
executet he presentM emorandumo f Understandingo n the terms and conditi
mentioned below:
NOW THIS DEEDW ITNESSETHA S FOLLOWS:
l. That Bank shall grant the loan to BSNL's employee(s) under the various head
per their requirement and the same are as follows:
(a) Housing Loan including Repair/Renovation/Additon/AlteratioLno an
HomeI mprovemenLt oan.
(b) Car Loan
(c) Two Wheeler Loan
(d) PersonaLl oan
(e) EducationaLl oan
The loansu ndert he varioush eadsa sm entioneda bovea rec ollectivelv
to as the "loan facilities".
2. That the general terms and conditions, Purpose of loan, Maximum amount,
Money, Multiple of salary, Recovery of installments (EMl+Interest)
Eligibility etc. w.r.t. the loan facilitiesa pplicablein respectivec asesa re
herewith as Schedule-I.
3.
4.
That the FinancialQ uotationsi. e. FloatingR ate of Interest,F ixed rate of Inte
andA veraget ime for Loan Sanctionf,o r the loan facilitiesa pplicablein respecti
casesa rea nnexedh erewitha sA nnexure- I.
That the loan facilities shall be sanctionedb y the appropriatea uthoritieso f
Bank with all the agreedc oncessionasn dr elaxations.
That the maximum limits for the loan facilities are subject to the income/repay
capacity of Borrowers.
6. That the security for the loan facilities shall be as applicable on the
schemes'
7. That salarym andatet o be registeredb y BSNL for recoveryo f installments
the salarieso f Borrowersa ndr emittanceto the respectiveb ranches.
8. That minimum net take home salary of 25oh shall be maintained after meeting the
loan installments.
g. That the loan shall be sanctioned in such a manner that at no stage the net take
home salary after meeting loan installment is less that25oh of the gross salary afte
meeting all liabilities/deductionsv iz. GPF,EMI, Income Tax, Insurancee tc. It
caseo f reemployedp ersons/personesm ployedo n compassionateg round,p ensi
of employee shall be included for calculating2lYo carry home salary.
That in case of retirement/resignation/termination/deatho f
undertakes not to release terminal benefits without obtaining
Objection Certiftcate" from the financing branch of Bank.
That the Bank shall not chargep rocessingc hargeso n the loan.
12.That the Bank shall charge the interest on monthly rests on the daily reducin
1 0 .
1 1 .
balance basis. DDOs must pay the recovered amount of EMI from the salary of
employeel atestb y 10tno f eachm onth without fail. When the concernedD DO
fr,
t4.
made payment within due time, Bank shall not pass on interest charges to t
borrow-erso wing to delay on bank's behalf.
13.That fixed rate of interest shall remain fixed during the entire tenure of the 1o
subiect to reset clause at an interval ofevery 3 years.
That Bank shall not charge penal interest for prepayment/foreclosure of loans
case the employee pays back the loan from his/her own sources. In case loan
taken over by other bank/institutions prepayment penalty @ 2 % p.a. for
outstandinglo an amountw ill be levied.
15.That repayment shall commence one month after disbursal of the loan.
16. That this deeds hall be binding upon the parties,t heir successoras nd assigns.
17.T hata nyn otice,d emando r requesut ndert his deeds hallb e in writing,a nds hall
deliveredb y personasl erviceo r shall be sentb y postagep repaid,r egistered
certified mail, telexed, telecopied or sent by person or ovemight courier ret
receiptr equesteda,d dressedif,t o the partiesa, t the respectivea ddress etf orth
the headingo f this deed,o r at sucho thera ddressa st he addresseme ay designate
writing.E achn otice,d emando r requesht ereundesr hallb e deemedg iveno n t
date it is delivered, in the case of personal service, or the date it is deposited wr
the PostalS ervice,i n the caseo f certifiedo r registeredm ail.
18. That the parties shall hereby irrevocably submit to the exclusive jurisdiction of t
Court and Tribunals in New Delhi for purposes of any suit, action or
proceedinwg hichr elatesto this deed.
19. That no amendmentn, otification or releasef rom or waiver of any provision hereo
shall be effective unless in writing and signed by the parties.
er'C, t i "
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o
i_ti.{ ..:D y;{ .a*r,ac}sCl r*rr4e1r gF;
"\.t
,,..t ,.ptqt iaGrls S fiifr rt. g,tt.&.td:r Fa{ru It|F*
Borrower, BSN
prior written 'N
20. That this deed may be executedi n two or more counterpartse, ach of which shall
be deemed an original, but all of which together shall constitute one and the same
instrument.
2l . That this deed and the rights and obligations hereunder shall be construed in
accordance with and governed by the substantive laws of the India.
22.If any provision hereof is found by a court of competent jurisdiction to be
prohibited or unenforceable it shall be ineffective only to the extent of such
prohibition or unenforceability, and such prohibition or unenforceability shall not
invalidate the balance of such provision to the extent it is not prohibited or
unenforceablen, or invalidatet he otherp rovisionsh ereof.
23. In the event of any dispute or difference relating to; arising from or connected with
this MOU, such dispute or difference shall be referred by either party to the
arbitration of one of the Arbitrators in the Department of Public Enterprises to be
nominated by the Secretary to the Govemment of India, in charge of Bureau of
Public Enterprises. The Arbitration and Conciliation Act 1996 shall not be
applicable to the Arbitration under this clause. The award of the Arbitrator shall
be binding upon the parties to the dispute, provided, however, any party aggrieved
by such award may make a further reference for setting aside on revision of award
to the Law Secretary, Department of Legal Affairs, Ministry of Law & Justice,
Government of India. Upon such reference, the dispute shall be decided by the
Law Secretaryw, hosed ecisions hall bind the partiesf inally and conclusively. The
parties in the dispute will share equally the cost of arbitration as intimated by the
Arbitrator.
24.That the bank shall nominate at least one branch (in case their more than one
branch of the bank) at each Secondary Switching Area(Telecom Revenue District)
for sanction, payment of loan and payment of EMI recovered by BSNL. This
MOU shall be binding upon both the parties on all India level.
25. Either party can terminate the MOU by giving a notice of 90 days in writing.
However. all the clauseso f the MOU shall be binding and enforceablein respect
of outstandinglo anso n the dateo f terminationi rrespectiveo f sucht ermination.
26. All other terms and conditions as per MOU shall be applicable on both the parties.
27. This agreement is valid for a period of twelve months i.e. upto
u +it!l T{itii'x;i
l:'. I
IN WITNESS WHEREOF, the parties have caused their respective Common Seal
be affixed to thesep resentso n the day, month and year first hereinabovew itten, at
Delhi.
CORPORATI @e FOR
Signature:
Name: S JanardhanS
Designation: Deputy
Address:B SNL A
5'i'Floor, BSNL Bhawan
u'.'.
JanpathN. ew Delhi I10001
i
[rr . \t ARA PRAsA])
Aa\ (u o)
BS.'r t^' Ca ' xr-D
Name: 6. Pur.ru#u!{SF
DesignationA: sst.G eneraMl anager
AddressM: 41, ConnaughCt ircus
NewDelhi 110001
D lPTlst+ KF(MA{A(
N 4 I
F\.+)
sa" re1l95
Csnrno^^VhCl J'
- l t o
Annexure I
GENERAL TERMS & CONDITIONS
The various kinds of loans facilities under respective Corp Scheme with special offer / terms and
conditious
HousinsL oan Vehicle Loan PersonaLlo an
E l i s i b i l i n Confinned employee with a
minimum of 5 years of service
Four Wheelers: 'i
Confirmed employee with a
minimum basic pay of Rs.
20000/- per month
Two Wheeler: Confirmed
employee
Only confirmed
employee
Miuimum Loan
Amount
100 times of Basic Pay subject
to the maximum of Rs.30
Lakhs.
Four Wheelers:
20 times of Basic pay subject
to the maximum of Rs.5
lakhs.
Two Wheeler:
5 times of Basic pay subject to
minimum & maximum loan of
Rs.50000i-
10 times of Basic
subject to the
maximum of Rs.
lakhs.
pay
t
Margin As per the Scheme Four Wheeler: 107o
Two Wheeler:25"/"
-NARepar
rnent period General Scheme:
20 years
Ghar Shobha Scheme:
1 0 vears
Four Wheeler: 7 vears
Two Wheeler: 5 vears
3 to 5 years
Processiucgh arges -Nit- -Nil- -Nil-
Palm entc hargesi.f
paid fi'om ou'n
sources.
-Nit- -Nit- -Nit-
Rate of Interest
IFloatingr ate]
General Scheme:
Loan upto Rs.20 Lacs:
Tenor: 5 to 15 years
BR+0.85%f Presently1 0.75 %]
Tenor: 15 to 20 years
BR+1.1 0%[ PresentlyI 1 .00%]
Loan Rs. 20 Lacs to Rs.30
Lacs:
Tenor: 5 to 15 years
BR+1.1 0 % [Presentl1y1 .00%]
Tenor: I 5 to 20 years
BR+ 1. 35% [Presently1 1 .25%]
Ghar Shobha Scheme:
Base Rate + 1.75y:o
fPresently1 1.65%]
Upto 3 years:
Base Rate + l.60oh
[Presently 11.50%]
Above 3 years to 5 years
Base Rate + 2.l0%o
[Presently 12.00%l
Above 5 years to 7 years
Base Rate + 2.6004
fPresently 12.50%l
BaseR ate+ 4.1C
[Presentl1y4 .00(
'/o
;l
h-.
,1
Note: Education loan shall
',r.."f, :91s.66$
$. Jatu;rdhan $warny
iir fr.i tsry,(SW[)
Dy. €r*r or;il ?,{l.ss*ge(rE F)
tilR:: i&,'-..:i ,rru inulg'}* S Fl* g.c.ir.Ltd.. Newet$f
be extended as per the extant guidelines of the Scheme