(ne sor wr ws) (A GOVERNMENT OF INDIA UNDERTAKING) siRace te site wierd e ORIENTAL BANK OF COMMERCE attic ates qsata L884] Corporate Office, Gurgaon sate DEPARTMENT: RECOVERY & LAW HO/REC & LAW/CIRCULAR NO..2.2-7/2015-16/4 > Date : 01.04.2015 ALL BRANCHES/OFFICES REG : AMENDMENTS IN THE RECOVERY POLICY : SETTLEMENT OF DECEASED EPOSITORS CLAIM CASES We have to inform that the Recovery Policy of the bank was reviewed with respect to the policy for settlement of deceased depositors claim cases and we have revisited certain provisions of the portion of deceased depositors claim cases. At present there is no upper ceiling fixed with regard to the threshold limits for settlement of deceased depositors cases without succession certificate. However, of late, the Bank has experienced various frauds in different operational matters, perpetrated at Branch level which exposes the Bank to various kinds of risks. In light of the above, the following amendments were approved by the Board of Directors vide BR No A-24 dated 28.03.2014 SNo | Original Position Revised Position | ¥ Functionaries | Thresh hold | Functionaries | Thresh hold limit/powers for limit/powers for | settlement of deceased claim | settlement of cases including locker lease | deceased claim [ cases on the basis of cases indemnity bond (without | probate/succession certificate) | Branch Upto ®5.00 lacs || Branch Upto © 5.00 lacs Incumbents in Incumbents Scale-| & Il in Scale-t & I |[Branch ~~ | Upto € 10.00 lacs ||| Branch Upto & 10.00 lacs Incumbents in Incumbents | Scale Ill and in Scale Il | Iv and IV Branch Upto © 25.00 lacs_| | Branch Upto € 25.00 lacs Incumbents in Incumbents Scale V and in Scale V above | and above RLCC-RH —_| Upto 7 50.00 Lacs || / RLCC-RH |Upto®50.00lacs—S—=S headed by | DGM oa Page 1 of 2(The table mentioned in pg. no 248 of the Recovery Policy) ~~ | £50.00 lacs + RLCC-RH Upto 1.00 || headed by Crores || GM |[Gm —TAbove 50.00 — Committee at | Lacs and upto @ | [Head Office | 1.00 Crores HLCC-EDat | Above 71.00 Head Office | Crores and upto 24,00 Crores [CAC atHead | Above = 4.00 | Office Crores Claim_cases_involving_amount_of above Henceforth, settlement of deceased claim cases on the basis of indemnity bond shall be restricted to amounts upto & 50.00 Lacs only. All claims above % 50.00 Lacs, without nomination, shall be approved only on production of probate, if the deceased depositor has left a will or on the basis of a succession certificate in case the deceased depositor has died intestate. obtained from all the legal heirs of the deceased depositor with two sureties. (The fourth clause on pa. no 247 of the Recovery Policy) 2 In respect of claims on the basis of | Settlement of claim_on the _basis_of court orders viz. | Succession Certificates/Probate/ Court probate/succession certificate, the | Orders etc. same can be settled by Branch | Incumbent irrespective of the All the cases on the basis of court orders eee ae viz. Probate/ Succession Certificate can be ‘The first 2 clauses on pq, no 247 of | Settled by Branch Incumbents upto a claim ltneinecoverr'ptl amount of @50.00 lacs only and by the RLCC-RH for claim amounts above 250.00 lacs. Thus all claims on the basis of probate/succession certificate/court orders etc. shall be disposed of by Branches/RO. 3 |The indemnity bond is to be| The indemnity bond is to be obtained from all the legal heirs of the deceased depositor with two financially sound sureties. The net worth of the sureties individually should be equal to or more than the amount of claim. The above amendments be incorporated/substituted in their respective places as mentioned above and shall be effective with immediate effect. All field functionaries are advised to take note of the above amendments for its implementation in letter and spirit geuamies (R.K. GUPTA) General Manager (Recovery & Law) GEO Page 2 of 2