Bank Recovery Agents Guidelines

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What is the main function of recovery agents appointed by banks?

To manage customer complaints

To provide retail loans

To recover retail loans (correct)

To conduct audits for the bank

What process must banks have in place before engaging recovery agents?

Sales promotion process

Customer service process

Due diligence process (correct)

Credit assessment process

What verification is required for the recovery agents' employees?

Employment history verification only

Police verification only

Verification of antecedents including police verification (correct)

Educational verification only

What should banks ensure about the recovery agents' behavior during the debt collection process?

Recovery agents should refrain from damaging the bank's integrity and reputation Signup and view all the answers

According to the Reserve Bank of India, what should banks avoid including in the recovery agents' contracts?

Adoption of uncivilized behavior Signup and view all the answers

What is made mandatory for the training of recovery agents?

Training for recovery agents is made mandatory Signup and view all the answers

What entities are involved in the process of transferring funds via wire transfer?

Ordering Bank, intermediary bank, beneficiary bank Signup and view all the answers

What is the main purpose of Money Transfer Services Scheme (MTSS)?

Transferring personal remittances from abroad to India Signup and view all the answers

Under MTSS, who are the individuals involved in the remittance process?

Reputed money transfer companies and agents Signup and view all the answers

What types of personal remittances are permissible under MTSS?

Remittances for family maintenance and foreign tourist favoring Signup and view all the answers

What is the role of Indian Agents under MTSS?

They disburse funds to beneficiaries in India Signup and view all the answers

What is not permissible under Money Transfer Services Scheme (MTSS)?

Outward remittance from India Signup and view all the answers

What is the main objective of electronic clearing services?

To provide an alternate method for bulk payments Signup and view all the answers

Under which category are transactions of repetitive and periodic nature covered?

ECS credit Signup and view all the answers

What is the minimum number of transactions required per user institution in electronic clearing services?

2500 Signup and view all the answers

What is the maximum value allowed for any single item in a day at the center under electronic clearing services?

Rs. 1 lakh Signup and view all the answers

In ECS outward (debit), what triggers the large number of debits?

One credit Signup and view all the answers

What is the main benefit of electronic clearing services in terms of administration?

Ease of cash management Signup and view all the answers

What is the objective of NECS?

To facilitate centralized processing for repetitive and bulk payment instructions Signup and view all the answers

Where does NECS operate from?

Mumbai Signup and view all the answers

What does NECS (debits) facilitate?

Multiple debits to beneficiary account against single credit user account Signup and view all the answers

Which institutions are mentioned in the text as users of the ECS debit scheme?

State electricity boards and housing finance companies Signup and view all the answers

What is the responsibility of the clearing house mentioned in the text?

To process input data submitted by sponsor banks Signup and view all the answers

What type of banks can participate in NECS according to the text?

Banks with core banking solutions Signup and view all the answers

What is the main purpose of National Electronic Funds Transfer (NEFT)?

To facilitate transfer of funds between cities Signup and view all the answers

In which city does the centralized accounting system for NEFT operate?

Mumbai Signup and view all the answers

What code is used to identify the bank's branches in India in the NEFT system?

IFSC code Signup and view all the answers

Which statement about NEFT is NOT true?

Foreign remittances can be sent and received via NEFT Signup and view all the answers

What is the value limit for individual transactions in the NEFT system?

There is no value limit Signup and view all the answers

How does NEFT process remittance messages received from RBI?

The receiving bank effects credit to the beneficiary account Signup and view all the answers