Business Daily from THE HINDU group of publications
Wednesday, Feb 13, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Feb 13, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Money & Banking
-
Outsourcing Service providers: IBA circulates first ‘blacklist’ N. S. Vageesh
Vinson Kurian Chennai/Thiruvananthapuram, Feb. 12 All is not well with the much-hyped outsourcing of financial services by banks. That’s the impression one gets, going by the culling of black sheep among the service providers by the Indian Banks’ Association (IBA). The IBA has invited the attention of member banks to a list of financial service providers whose services have been terminated for various reasons by individual banks and reported to it in compliance with specific RBI guidelines. Reasons for terminationThe grounds of termination of services range from submission of forged documents indicating dishonesty and lack of integrity, leakage of customer data, failure to meet statutory liabilities, to involvement in frauds. This information circulated by IBA is in pursuance of an RBI circular No RBI/2006/167 of November 3, 2006, which requires that banks update the IBA with information if they have terminated the services of a service provider, giving reasons thereof. The IBA would, in turn, maintain a ‘caution list’ of such service providers covering the entire banking industry, which would be made available to member banks. A perusal of the first list of 22 blacklisted service providers shows that all of them were employed by private sector banks - 13 of them by ICICI Bank and the rest by HDFC Bank, considered pioneers among the banks who outsourced their services. Out of favourThe break-up of the list is as follows: ICICI Bank – S. K. Chichghare and Associates, Nagpur; Prasad A., Kalpetta, Kerala; Vaibhav Garg, Yamuna Nagar, Haryana; S. G. Consultants, Jaipur; Dynamic Enterprises, Ranchi, Jharkhand; Toumesh Traders, Krishnanagar, West Bengal; Khetaji Sonaji Mali, Banaskantha, Gujarat North; H. K. Commercial Services, Bangalore; Kibitzers, Jaipur; ADY Agencies, Hissar, Haryana; Lakki Associates, Kolar, Karnataka; Vanshiq, Bhubaneshwar; and Friends Marketing, Tiruchi, Tamil Nadu. HDFC Bank – SGS, Chennai; Friends Credit, Agra; Bharti Assets, Pune; Yash TVS Ghaziabad; Sona Associate, Bhilwara, Rajasthan; Bhavya Enterprise, Navrangpura, Ahmedabad; Krishna Finance, Pune; Venture Capital, Kolkata; and Legends Collection Services, Delhi. These service providers were engaged in valuations, sales of personal loans, used car loans, auto loans and loans against property; sales of two-wheelers and commercial vehicles; direct sale of and collections relating to credit cards; and general collections. More Stories on : Outsourcing
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|