9:43 PM
NOWB flays State Bank's move to hand over services to RMIL
NATIONAL Organisation of Bank Workers (NOBW) has vehemently Opposed the move by State Bank of India management to hand over regular banking service to Reliance Money Infrastructure Ltd (RMIL). In a strongly worded statement. NOBW's its General Secretary Mohan Kumtakar said that the agreement provides for Reliance Money Infrastructure Ltd to identify the borrowers; collect, process and submit loan applications, and promote credit groups; take up post sanction monitoring, follow up and recovery. As the service provider. RMIL could also collect small value deposits; sale micro insurance, mutual funds and pension products; and receive and deliver MALL value remittances opening of no-frill savings bank through kiosk banking model, home loans-loans against propertys auto loans, gold loans. SME loans; general purpose credit cards; Kisan cards: current account, savings bank account other than no frill accounts; terms deposits; and current deposits.
Further, he stated that while business correspondent model itself was wrought with risk and deficiencies, it was really atrocious that RMIL had been handed over such vital banking functions by a major public sector hank. "It is astonishing that while RBI itself has chosen not to give Reliance license to start their own bank. SBI management has brought RMIL through back door methods." he pointed out. NOBW has termed this as a shocking deal between State Bank of India and RMIL which was signed in February 2014 with retrospective effect from October last. NOBW urges both SBI management and Government to inform the general public as 10 why this has been kept as secret. "It is not out of place (o mention that SBI management has already planned this move in the year 2009. which is clear from the following excerpts from their Outsourcing Policy circulated on February 17, 2010. It is nothing but total virtual sell out of a public sector bank." he said
Outsourcing has been defined as bank's use of a third party (either an affiliated entity within a corporate group or an entity that is external to the corporate group) to perform activity on a continuing basis that would normally be undertaken by the Bank itself, now or in the future (continuing basis includes agreement for a limited period).
Further, he stated that while business correspondent model itself was wrought with risk and deficiencies, it was really atrocious that RMIL had been handed over such vital banking functions by a major public sector hank. "It is astonishing that while RBI itself has chosen not to give Reliance license to start their own bank. SBI management has brought RMIL through back door methods." he pointed out. NOBW has termed this as a shocking deal between State Bank of India and RMIL which was signed in February 2014 with retrospective effect from October last. NOBW urges both SBI management and Government to inform the general public as 10 why this has been kept as secret. "It is not out of place (o mention that SBI management has already planned this move in the year 2009. which is clear from the following excerpts from their Outsourcing Policy circulated on February 17, 2010. It is nothing but total virtual sell out of a public sector bank." he said
Outsourcing has been defined as bank's use of a third party (either an affiliated entity within a corporate group or an entity that is external to the corporate group) to perform activity on a continuing basis that would normally be undertaken by the Bank itself, now or in the future (continuing basis includes agreement for a limited period).
Posted in: News 2014
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