MEMORANDUM OF UNDERSTANDING
The Memorandum of Understanding (MOU) is made this _____ day of
___________between CSC e-Governance Services India Limited, a Company
incorporated under the Companies Act 1956, having its registered Office at
Electronics Niketan, 4th Floor, DIT, Programme Management Unit, 6, CGO
Complex, Lodhi Road, New Delhi-110003 (hereinafter referred to as “CSC SPV”,
which expression shall, unless it be repugnant to the subject or context thereof,
shall deem to mean and include its successors and assigns) of the ONE PART
AND
___________________________ Ltd, an entity incorporated under the provision of
Company Act , 1956 or Society Act , 1960 having its corporate office at
______________________________________ (hereinafter referred to as “SCA”, which
expression shall, unless it be repugnant to the subject or context thereof, shall
deem to mean and include its successors and assigns) of the SECOND PART.
WHEREAS:
1. CSC SPV has been incorporated to enable a range of services to support the
network of Common Services Centers (CSC), which are broadband enabled rural
service delivery points established by Service Centre Agencies (SCAs), who are
private parties selected by the State Governments for operationalisation of CSCs
and for aggregating content and offering relevant Government to Customers
(G2C), Business to Customers (B2C), Business to Business (B2B) and other
services to rural citizens; and
2.
CSC SPV has entered into Business Correspondent (BC) Agreement with State
Bank of India (SBI) hereinafter also referred as “Bank” on 30th Dec 2011 to
enhance banking and financial services through CSC network..The nature of
services to be rendered by SCA are at Annexed ‘A’.
3. The SCA has been appointed by the State(s) of _______ as the Service Centre
Agency as per CSC Scheme. Further, their Memorandum and Article of
Association does not prevent them in carrying out financial inclusion activities.
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Specific intentions of the Parties:
Whereas the CSC SPV to act as the Business Correspondent (BC) for SBI, has
appointed the SCA as BC Manager to rollout SBI’s financial inclusion services through
KO Operators with the use of CSC network. CSC shall act as the Customer Service
Point (CSP) for SBI.
Roles of Key Stakeholders :a) CSC SPV – Business Correspondent :
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Facilitate successful implementation of SBI’s banking services through CSCs,
acting as single point of contact for the Bank
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Appoint the SCA as a BC Manager and coordinate with SBI to appoint eligible
VLE’s as identified by the SCA, as KO Operators. The eligibility for
identification of VLEs is detailed in Annexure “B”.
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Facilitate the process of enabling the CSC to impart SBI’s services, including
installation of software tools, VLE’s training, procuring biometric devices, etc.
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Provide BC Manager with the tools to monitor BC Agent activities and
transactions
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Mobilize and sensitize the CSC network and stakeholders to financial
inclusion activities
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Reconcile transactions and commission with the Bank
-
Share the commission paid by the Bank with the BC Manager & BC Agents
as per agreed terms.
-
If needed, provide the required security deposit to the Bank.
b) Service Centre Agencies (SCA) – BC Manager :
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Ensure availability of adequate infrastructure at CSCs, including connectivity
and power backup.
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SCA to procure the format of signage/banner from link branch of SBI and it is
required to be modified to include the partnership of CSC SPV with the SCA
brand name or Logo at right hand top corner. It shall contain the logo of SBI.
It should include the CSP : (Name of CSC). Approval of SBI link branch be
sought before finalizing the logo/signage .
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Identify VLEs to become the KO Operators as per eligibility criteria detailed in
Annexure B. Ensure that the SCA and VLEs contact information is updated
with the CSC SPV at all times. Once appointed, the CSC will act as the
Banking Customer Service Point (CSP) exclusively for SBI, and no other
Bank.
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-
Once approved, ensure that the VLEs sign the terms and conditions (Draft
contract placed at Annexure C) to act as KO Operator.
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Coordinate the processes for the VLEs to start rendering SBI’s services with
the concerned LHO- Local head office (on behalf of the CSC SPV), including
opening of zero balance settlement accounts in the nature of current account
for each VLE, to ensure that no charges are levied by the bank thereon,
procuring of the biometric device, training on SBI software as well on
installation of biometric device, installation of the required software and
hardware and any other modalities that may be required to start operation
thereon.
-
Manage and monitor KO Operator’s activity i.e opening of accounts of
customers
and
carrying
out
operations
thereon
for
deposit/withdrawal/remittances etc for the customer, ensuring that all clauses
of service level agreement entered into by CSC SPV with the Bank as well as
their standard operating procedures are being followed by KO Operators
meticulously. Ensure that KO Operator maintains adequate balance to
successfully deliver services.
-
Provide first level of support to KO Operators for timely service delivery
-
Mobilize and sensitize local community to access banking and financial
services via CSCs
-
Ensure that their KO Operators are properly trained to handle with care, their
responsibilities particularly aspects like soliciting customer, hours of calling,
privacy of customer information and informing the correct terms and
conditions of the products offered, etc.
-
Ensure that their KO Operators adhere to extant instructions on Fair Practices
Code for lending as also their own code for collection of dues or in the
absence of such a code at the minimum adopt the IBA’s code for collection of
dues and repossession of security. It is essential that they refrain from action
that could damage the integrity and reputation of the Bank and CSC SPV.
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Ensure that the KO Operator shall not resort to intimidation or harassment of
any kind either verbal or physical against any person in their debt collection
efforts, including acts intended to humiliate publicly or intrude the privacy of
the borrowers’ family members, referees and friends, making threatening and
anonymous calls or making false and misleading representations.
-
SCA shall adhere to the performance standards of SBI in respect of services
and products as detailed in Annexure ‘A’. The Bank reserves the right to
change / vary / the contents by advising the same to CSC SPV and CSC SPV
to advise SCA in writing and upon such advise, the amended Annexure ‘A’
shall become effective
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That SCA to define the cash holding limits of KO Operator in the settlement
account which shall be the base for deposit, withdrawal and transfer by the
client/customer in a day. SCA to ensure that KO Operator maintains sufficient
balance in his settlement account for carrying out day’s operations. SCA to
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ensure that initial deposit by KO Operator in RuSu (Rural & Semi Urban) area
is Rs.50/- and in UrMet (Urban & Metro) area is Rs.100/- in tiny deposit
accounts. The above limits can be modified by the bank/BC Manager /CSC
SPV from time to time.
-
Reconcile transactions undertaken by BC
-
Submit progress reports to the CSC SPV as required.
NOW IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS
FOLLOWS:
1. Scope of Services relating to banking activities :
The SCA agrees to provide the various services of the bank as stipulated herein.
The CSC SPV may stipulate additional terms and conditions or duties and
obligations to be complied by the SCA from time to time.
The SCA shall not have power to appoint VLE as KO Operator themselves. SCA
shall submit list of eligible VLEs to be appointed as KO Operators to CSC SPV, as
per standard format of the bank, who will be responsible for procuring the required
approvals from the Bank.
2. Maintenance of Records by SCA/KO Operator :
a. SCA must ensure that KO Operator maintains all records accounts
including registers / documents including cash collected by way of
commission etc. as per instructions of the CSC SPV/ the Bank from time
to time and ensure safe and proper custody of all records, accounts
including documents etc. SCA to monitor that no discrepancies or
ambiguity exists in the recordkeeping.
b. SCA specifically agrees that the CSC SPV and the Bank shall be entitled
to inspect and audit the records maintained by the KO Operator as may be
decided by the Bank/CSC SPV and SCA hereby undertakes to promptly
produce all records and information required for this purpose / for the
purposes of inspection and audit. SCA shall provide access, to the
Officers / employees / representatives / agents or auditors of the Bank to
the premises / places where such records are kept / maintained. The
CSC SPV/the Bank shall have right to obtain copies of any audit report,
review reports and findings made on the BC Manager in connection with
the services performed.
c. Further, SCA specifically agrees that it shall allow access to Reserve Bank
of India (RBI) or persons authorized by RBI or its employees/officers or
other persons to inspect and access the documents, accounts, records of
transactions and all necessary information in possession of, or stored or
processed by the SCA or the KO Operator within a reasonable time. The
persons authorized by RBI shall have right to obtain copies of the records,
information etc. in possession of SCA/KO Operator. SCA further agrees
that in case access is not allowed to the persons authorized by RBI for the
purposes of inspection which results in imposition of supervisory fees by
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RBI upon the Bank, and the Bank is required to pay such supervisory fees
to RBI and the SCA shall be liable to reimburse to the Bank.
d. The SCA shall bear all expenses / costs & charges in connection with the
inspection and audit either conducted by the Bank or by RBI.
2.1 SCA specifically agrees that the CSC SPV has full right to monitor and assess
the performance of services by SCA and wherever the CSC SPV discovers any
deficiency or non-performance of the services up to the mark, the CSC SPV shall
instruct the SCA in writing and SCA agrees to rectify the deficiencies within the
stipulated period and to ensure compliance of the instructions of the CSC SPV.
2.2 SCA to inspect the records maintained by KO Operator at regular intervals and
send confirmation to this effect to CSC SPV at regular intervals. In case of
cessation/termination of contract with VLE, it shall be the responsibility of SCA to
procure all records in his possession and to give general notice to this effect in
the local newspaper to prevent any fraudulent transactions and the cost in this
regard shall be borne by the SCA.
3 Confidentiality
3.1 SCA is aware that all information disclosed to the SCA/KO Operator by the
Bank/CSC SPV and all records, accounts, documents maintained by the SCA
are confidential in nature and having regard to the sensitive nature of the
information and records, specifically agrees to maintain secrecy and
confidentially of all the information and records, accounts in respect of the
outsourced services in the same manner & degree of care as SCA would ensure
for its own confidential & sensitive information.
SCA shall ensure that
appropriate and suitable undertaking / agreements are obtained and maintained
from KO Operators to ensure compliance with confidentiality obligations of SCA.
3.2 SCA agrees to indemnify and hereby keeps the CSC SPV/Bank indemnified
against all actions, claims, loss, damages, Costs, Charges, expenses (including
Attorney / Advocate fees and legal expenses) which the CSC SPV/Bank may
suffer or incur on account of breach of confidentiality obligations as per clause
3.1 above by SCA or its employees, agents, representatives, KO Operator/ SUB
KOs. SCA further agrees to make good the loss suffered by the Bank upon first
demand by the CSC SPV/Bank which shall be final, conclusive and binding on
SCA.
3.3 It is agreed between the parties that all the data and other information supplied to
the SCA during the course of engagement is proprietary information owned by
the bank & CSC SPV and SCA shall not have any claim or right or ownership
over such information.
3.4 SCA specifically agrees that the confidentiality obligations of the SCA in terms of
this agreement shall survive termination of this agreement.
4 Relationship between the Parties :.
4.1 It is specifically agreed that the SCA/KO Operator shall act as independent
service provider and shall not be deemed to be the Agent of the Bank/CSC SPV
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except in respect of the transactions/services which give rise to Principal/ Agent
relationship by implication.
4.2 The SCA nor its employees, agents, representatives, sub-contractors shall hold
out or represent as agents of the Bank. None of the employees, representatives
or agents of SCA shall be entitled to claim permanent absorption or any other
claim or benefit against the Bank/CSC SPV.
5 Compliance with Laws by BC Manager.
5.1 SCA hereby agrees and declares that it shall be the sole responsibility of SCA to
comply with the provisions of all the applicable laws, concerning or in relation to
rendering of services by SCA as envisaged under this agreement.
5.2 SCA shall procure and maintain all necessary licenses permissions, approvals
from the relevant authorities under the applicable laws throughout the currency of
this agreement.
5.3 SCA shall be solely liable & responsible for compliance of applicable Labour
Laws in respect of its employees, agents, representatives and Sub-Contractors
and in particular Laws relating to terminal benefits such as Pension, Gratuity,
Provident Fund, Bonus or other benefits to which they may be entitled and the
Bank/CSC SPV shall have no liability in this regard.
5.4 SCA hereby represents and warrants that it has full authority to enter into this
Agreement and render the services as envisaged under this agreement and all
Corporate or other necessary approvals have been obtained for entering into this
Agreement with the Bank/CSC SPV. Further, the persons executing this
agreement on behalf of the SCA have full authority and power to execute this
agreement and bind SCA.
6 Remunerations :
6.1 KO Operator shall levy charges from the customer strictly as per rates defined by
the bank . However customer charging (except on remittances) has been waived
by SBI in rural and semi urban (RUSU) geographies.
6.2 Wherever any cash is collected by way of commission either on opening of
accounts of customers, as per defined rates, or by emanating transactions , the
same shall be kept intact with KO Operator after maintaining proper record
thereof. This amount should be adjusted out of the monthly invoice as mentioned
in clause 6.4 below and the balance amount receivable/payable to be reflected in
the invoice.
6.3 Total commission shall be the commission earned by KO Operator in the form of
cash and the commission deducted by the software by way of transactions. This
commission shall be shared by CSC SPV with the SCA and KO Operator as per
schedule placed at Annexure ‘D’. The ratio may be subjected to change keeping
in view work load and cost involved thereon at any level and the decision of CSC
SPV shall be binding on all parties.
6.4 KO Operator to raise invoice to CSC SPV for his share of out of total commission
accrued to him during a month. This shall be supported with the statement of
cash collected by KO Operator (on daily basis) in a month. SCA to collect the
invoice raised by the KO Operator, reconcile details and submit to CSC SPV for
direct payment to KO Operator in his settlement account.
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6.5 SCA to raise invoice to CSC SPV in respect of its share out of total commission
accrued to him in a month.
6.6 CSC SPV shall reconcile the invoice and make payments directly to the notified
account of SCA in the bank.
6.7 The remuneration/ commission paid at monthly intervals shall be subject to
deduction of income tax thereon wherever required under the provisions of the
Income Tax Act.
6.8 All other taxes including service tax, duties and other charges which may be
levied shall be borne by the SCA and KO Operator.
7 General Indemnity :
SCA agrees and hereby indemnify the Bank and CSC SPV against all claims,
actions, loss, damages, costs, expenses, charges, including legal expenses
(Attorney, Advocates fees included) which the Bank/ CSC SPV may suffer or incur
on account of any deficiency in services rendered by SCA and BC Agents or any
acts of Commission / omission on the part of employees, agents, representatives or
Sub-Contractors or its KO Operators. SCA agrees to make good the loss suffered
by the Bank/ CSC SPV on first demand made by the Bank/CSC SPV in this regard
which shall be final conclusive and binding on SCA.
8 Term & Termination of agreement :
8.1 The agreement shall be valid for a period of one year and shall stand
automatically renewed for further period of one year from the date of expiry on
the existing terms and conditions as may be mutually agreed between the bank
and CSC SPV, unless specifically terminated by either of the parties as proposed
in the agreement
8.2 The CSC SPV and the SCA shall have right to terminate the agreement by
giving one month’s notice in writing to the other party. In the event of the
termination of the agreement by the SCA, all records, information including
documents etc. shall be returned by the SCA to the CSC SPV as per the
instructions of the CSC SPV.
8.3 The CSC SPV shall have a right to terminate the agreement immediately by
giving a notice in writing to SCA in the following eventualities :
a)
If any Receiver/Liquidator is appointed in connection with the business
of the SCA or SCA transfers substantial assets in favour of its creditors
or any orders / directions are issued by any Authority / Regulator which
has the effect of suspension of the business of SCA.
b)
If SCA applies to the Court or passes a resolution for voluntary winding
up of SCA or any other creditor / person files a petition for winding up
or dissolution of BC Manager.
c)
If the SCA in the reasonably opinion of the CSC SPV or Bank is unable
to pay its debts or discharge its liabilities in normal course of business.
d)
If SCA is unable to render the services up to the mark as envisaged
under this agreement upon a reasonable assessment of the
circumstances by the Bank or its customers or CSC SPV or its
customers.
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e)
f)
g)
If the SCA is owned/controlled wholly/partly by any other bank
operating in India.
If any acts of commission or omission on the part of SCA or its agents,
employees, sub-contractors or representatives, in the reasonable
opinion of the Bank and CSC SPV tantamount to fraud or prejudicial to
the interest of the Bank/CSC SPV or the customers.
If the SCA’s agreement with the State Government is terminated.
8.4 In the event of the termination of the agreement by the CSC SPV, the SCA shall
be liable and responsible to return all records and information in its possession
because of this agreement.
Governing Laws & Jurisdiction :
9.1. The agreement shall be governed and construed in accordance with the Laws of
the Republic of India.
9.2 The parties agree to submit to the jurisdiction of Delhi court in India in
connection with any dispute between the parties under the agreement.
10. Notices: Any notice, invoice, approval, advice, report or any other communication
required to be given under this Agreement shall be in writing and may be given by
delivering the same by hand or sending the same by prepaid registered mail, telegram
or facsimile to the relevant address sent forth below or such other address as each
Party may notify in writing to the other Party from time to time. Any such notice given as
aforesaid shall be deemed to be served or received at the time upon delivery (if
delivered by hand) or upon actual receipt (if given by telegram or facsimile) or fifteen
(15) clear days after posting (if the addressee is outside the country of posting).
11. Miscellaneous :
11.1 Any provision of this Agreement may be amended or waived, if, and only if
such amendment or waiver is in writing and signed, in the case of an amendment
by each party, or in this case of a waiver, by the Party against whom the waiver
is to be effective.
11.2 No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial
exercise of any other right, power of privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies
provided by law.
11.3 Unless otherwise provided herein, all notices or other communications
under or in connection with this Agreement shall be given in writing and may
be sent by personal delivery or post or courier or facsimile.
11.4 This Agreement constitutes the entire agreement between the Parties with
respect to the subject matter hereof and supersedes all prior written
agreements, undertakings, understandings and negotiations, both writing
and oral, between the Parties with respect to the subject matter of the
Agreement. No representation, inducement, promise, understanding,
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condition or warranty not set forth herein has been made or relied upon by
any party hereto.
11.5 Neither this agreement nor any provision hereof is intended to confer upon
any person/s other than the Parties to this Agreement any rights or remedies
hereunder.
11.6 The SCA shall execute and deliver such additional documents and
perform such additional actions, as may be necessary, appropriate or
reasonably requested to carry out or evidence the transactions contemplated
hereby.
11.7 The invalidity or unenforceability of any provisions of this Agreement in
any jurisdiction shall not effect the validity, legality or enforceability of the
remainder of this Agreement in such jurisdiction or the validity, legality or
enforceability of this Agreement, including any such provision, in any other
jurisdiction, it being intended that all rights and obligations of the Parties
hereunder shall be enforceable to the fullest extent permitted by law.
11.8 In case of any change in applicable laws in India that has an effect on the
terms of this Agreement, the parties agree that the Agreement may be
reviewed, and if deemed necessary by the Parties, renegotiated in good
faith.
11.9 The captions herein are included for convenience of reference only and
shall be ignored in the construction or interpretation thereof.
11.10 If this Agreement is signed in counterparts, each counterpart shall be
deemed to be an original.
11.11 The SCA shall not assign or transfer all or any of its rights, benefits or
obligations under this Agreement without the approval of the CSC SPV. CSC
SPV may, at any time, assign or transfer all or any of its rights, benefits and
obligations under this Agreement.
11.12 The SCA agrees that they shall not use the logo, trademark, copy rights of
other proprietary rights of the opposite party in any advertisement or publicity
materials or any other written communication with any other party, without
the prior written consent of the Bank and CSC SPV.
11.13 This Agreement shall not be construed as joint venture. Each party shall
be responsible for all its obligations towards its respective employees. No
employee of any of the two parties shall claim to be employee of other party.
This MoU is signed by :
For and on behalf of
CSC e-Governance Services India Ltd.
For and on behalf of
_____________________Ltd
Name :
Name :
Designation :
Designation :
Date:
Date :
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Signature :_____________________
___________________
Signature
Annexure A: Nature of services:
a)
Identification of borrowers & fitment of activities
b) Collection and preliminary processing of loan applications including verification of
primary data.
c) Creating awareness about savings and other products offered by the Bank and
education and advice on managing money & debt counselling.
d) Processing & Submission of applications to the Bank.
e) Promotion, nurturing, monitoring and handholding of Self Help Groups / Joint
Liability Groups / Credit Groups and others.
f) Post sanction monitoring in case of advances / loans granted by the Bank.
g) Follow up of Recovery.
h) Disbursal of Small Value Credits Strictly as per instructions of the Bank.
i) Recovery of principal / interest from the borrowers and prompt deposit of the
same with the Bank.
j) Collection of small value deposits & prompt deposit of the same with the Bank.
k) Sale of Micro / insurance / mutual fund / pension and other third party products
as may be decided by the Bank.
l) Receipt & delivery of small value remittances / other payment instruments.
m) Any other service as may be advised by the Bank in writing to the CSC
SPV/SCA.
Annexure B: VLE Eligibility Criteria to Activate CSCs as Customer Service Points
The VLE must meet the following eligibility criteria to meet become a BC Agents:
 Registered and active on the Online Monitoring Tool (OMT) for at least 3 months
 Confirmation of hardware and internet connectivity at CSC
 Minimum 10th standard pass
 Should have no criminal history, as confirmed through police verification
 Should have a clean financial history, with no cases of default
 Should live in or own property in any of the villages that the VLE will serve as a
KO/CSP
 Preferably should have a history of actively providing services to citizens through
the SCA, in the past 3 months.
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Annexure C: Draft Terms and Conditions for VLE
Dated :M/S CSC e-Governance Services India Ltd,
3rd Floor, Electronics Niketan
Ministry of Communication & IT
6, CGO Complex, Lodhi Road,
New Delhi 110 003.
Dear sir,
Reg: Acceptance of terms & conditions for my appointment as KO Operator
I_________________, VLE has been appointed by M/S________________, the SCA
(BC Manager) in the state of ____________ vide letter dated _________. The OMT ID
allotted to me is ___________. That I have offered to work as KO Operator to provide
banking and financial services of State Bank of India and I have noted the activities to
be performed by me in discharge of my duties. The KO Code allotted to me is
____________.
Further, I am aware that bank would introduce new services/products with different
technologies and platforms which are to be operated by me through CSC network from
time to time
I hereby agree & undertake as under :1) That I have been appointed as VLE by the SCA as per norms prescribed by CSC
SPV and in case of any default, CSC SPV shall have right to terminate my
services.
2) That I shall keep the Bank(SBI) and CSC SPV indemnified against all claims,
actions, loss, damages, costs, expenses, charges, including legal expenses
(Attorney, Advocates fees included) which the Bank may suffer or incur on
account of any deficiency in services rendered by me or any acts of Commission
/ omission on the part of employees, agents, representatives or Sub-Contractors.
I agree to make good the loss suffered by the Bank which shall be final
conclusive and binding on me.
3) To ensure that all terms and conditions entered into by CSC SPV with the bank
as well as standard operating procedures of the bank are observed meticulously.
4) To actively participate for handholding of software and its operations part of SBI
Kiosk Banking Module and financial services. I shall educate citizens and local
government officials on the benefits of availing financial services at CSCs.
5) I assure to take proper training to handle with care & responsibility particularly
aspects like soliciting customer, hours of calling, privacy of customer information
and informing the correct terms and conditions of the products offered etc.
6) To ensure that all records, accounts, documents maintained by me, as per
directions of the bank, are confidential in nature and having regard to the
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sensitive nature of the information and records, specifically agrees to maintain
secrecy and confidentially of all the information and records.
7) I ensure availability of adequate infrastructure at CSCs, including power backup
and connectivity and these are fully functional.
8) To procure, at the instructions of BC Manager, Finger Print device (Biometric
device) for capturing the thumb impressions of mine as well as of clients, at my
own cost.
9) To enhance my work of operation, I shall configure sub KO Operator, for
assigning my task and I shall be responsible for all acts and omissions of the sub
KO Operator.
10) To open and maintain Settlement account (current account) as Wallet with the
nearest link branch of SBI. I ensure to maintain sufficient balance in the account
as all cash and other transactions i.e receipt, withdrawal and transfer by the
customer/client are to be routed through this wallet account. I ensure to deposit
the cash received from the customer on the same day with the link branch.
11) That BC Manager to define the cash holding limits of KO Operator in the
settlement account which shall be the base for deposit, withdrawal and transfer
by the client/customer in a day. This limit can be modified by the bank/BC
Manager /CSC SPV from time to time.
12) I shall mobilize and sensitize local community to access banking and financial
services via CSCs.
13) I ensure to adhere to the targets, finalized by BC Manager, on achieving the
number transactions to be carried out in week and ensure that the balance in his
settlement account should not be static or minimum over a week’s time.
14) That I shall not resort to intimidation or harassment of any kind either verbal or
physical against any person in their debt collection efforts, including acts
intended to humiliate publicly or intrude the privacy of the borrowers’ family
members, referees and friends, making threatening and anonymous calls or
making false and misleading representations.
15) I ensure to maintains all records accounts including registers / documents etc. as
per instructions of the CSC SPV/ the Bank from time to time and ensure safe and
proper custody of all records, accounts including documents etc. BC Manager to
monitor that no such discrepancies or ambiguity exist.
16) I agree that the CSC SPV and the Bank shall be entitled to inspect and audit the
records maintained by me or my sub KO as may be decided by the Bank and BC
Manager hereby undertakes to promptly produce all records and information
required for this purpose / for the purposes of inspection and audit.
17) I agree that the Bank has full right to monitor and assess the performance of my
services and wherever the Bank discovers any deficiency or non-performance of
the services up to the mark, the Bank shall instruct the CSC SPV/BC Manager to
rectify the deficiencies or to ensure compliance of the instructions of the Bank
and I shall comply to it.
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18) I agree that BC Manager to inspect the records maintained by me at regular
intervals and send confirmation to this effect to CSC SPV at regular intervals. In
case of cessation/termination of contract with me, I shall be the responsible to
deliver all records in my possession to the SCA.
19) I agree that none of my employee, representatives or agents (sub KO Operator)
shall be entitled to claim permanent absorption or any other claim or benefit
against the Bank/CSC SPV.
20) That for carrying out financial and other activities, the bank shall remunerate
CSC SPV as per charges defined in annexure attached. This remuneration shall
be credited in the Commission account of CSC SPV as per services carried out
by the KO Operator on transaction basis.
21) The remuneration, so received as referred to above, shall be shared by CSC
SPV in the ratio of 75:15:10 ( KO Operator: BC MANAGER: CSC SPV ). I
agree that this ratio can be subjected to change keeping in view of work load and
cost involved thereon at any level and the decision of CSC SPV shall be binding
on all parties.
22)
I shall submit my invoices to BC Manager on monthly basis for onward
submission to CSC SPV in respect of my share of remuneration. It shall contain
my bank account details
23)
That CSC SPV shall reconcile the amount of remuneration mentioned in the
invoices with that credited in its Commission Account. After reconciliation, CSC
SPV shall afford credit in my account.
24)
That the remuneration/ commission paid as per defined schedule shall be
subject to deduction of income tax thereon wherever required under the
provisions of the Income Tax Act by the Bank.
25)
That all other taxes including service tax, duties and other charges which may
be levied shall be borne by me as per rules.
26) That my services shall be valid for a period of one year from the date of its
execution and may be renewed for such further periods as may be mutually
agreed between the parties which shall be subject to the terms and condition of
renewal by SBI.
27) I agree that CSC SPV shall have a right to terminate my services immediately by
giving a notice in writing to me without assigning any reason. In the event of
termination of my services, I shall remove all software/utilities provided by CSC
SPV/Bank on the peripherals procured by me.
Thanking you,
Yours sincerely,
(Signature)
Name :
Address :
Mobile No :
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Verification :We hereby verify that Sh._______________ has been appointed as VLE by us as per
terms and conditions prescribed by CSC SPV. We confirm that OMT code allotted to
him as mentioned above is correct.
(Signature)
SCA Co.:
Authorised
Official
Name:
Address :
Mobile no
Approved :We approve the appointment of Sh._______________ as KO Operator at
__________________ CSC in the state of ______________ and authorise him to start
banking and financial services of the bank.
(Signature)
M/s CSC e-Governance Services India Ltd.
Authorised Official Name:
Annexure D : Currently the total commission collected by KO Operator in a month
shall be shared between CSC SPV, SCA & KO Operator in the ratio
of 10:15:75 respectively.
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