Project On “ DOOR STEP BANKING” With reference to ICICI BANK”
Bachelor of Commerce Banking & Insurance (Semester V) Final Year Submitted In Partial Fulfillment of the Requirements for the Award of The Degree of Bachelor of CommerceBanking & Insurance
ACKN OWLED GEME NT
A project to successfully conceive merely from a sheer initiative to come into being is solely not just the work of mine; but there are many others who contribute largely. I am indebted to my highly regarded project guide Mrs. Mehek mam for her immense contribution to my project by invariably guiding me throughout this whole journey. This effort would not have been successfully completed without her priceless encouragement, endorsement and helpful suggestions. I owe it to our respected principal Mr.Venkatramani and Course coordinator Mrs. Mehek mam for his tremendous and incredible effort and ceaseless assistance in helping us accomplish this project. I show my gratitude towards their extreme supportive disposition and constant emphasis on importance on me. I also thanks to the manager of ICICI Bank Thane branch Mr. Pankaj Desai for his guidance and for his help in this topic. Lastly, I would like to thank all my friends who have always stood by me and helped me as true friend.
The regulator has given banks the go-ahead to offer doorstep services to customers. Banks can now deliver cash and drafts to customers’ homes and offices as well as collect cash, cheques and other instruments. The decision will make life easier for retail customers and corporates. Some of the banks were earlier offering these services. However, they stopped after the central bank began reviewing the services. Reserve Bank of India permitted banks to carry out doorstep banking not only to individuals and corporates, but also government departments, public sector units and others. They can deliver the money against cheques received at the counter or through other channels like phone banking and internet banking. RBI, in February, had allowed banks to pick up cash, instruments and deliver demand drafts to individual customers. At that point it had not allowed cash delivery to individuals. For corporates and other customers, RBI had then allowed pick up of cash and instruments, delivery of cash against cheques received at the counter and also delivery of demand drafts. For years banks have been offering doorstep cash delivery for corporate customers, especially to factories in far-off locations. In recent years, foreign and private sector banks began offering these services to high-end retail customers. Besides differentiating themselves, some banks found it a way to discourage customers from crowding branches. “Banks had started doing pick-up and delivery of cash for retail customers like shopkeepers as many of them used to crowd the branches towards the end of the day. By offering cash pick up, banks could pick the cash at their own convenience and also prevent customer queues at the counters. Also, many of the high networth customers and some of elderly customers preferred delivery of cash and demand drafts at their residence or office,” said a senior private sector banker. Though the regulator had concerns that cash pick-up could cause money laundering, it had to possibly given in to strong demand from customers.
RBI had in its February circular also given detailed guidelines on the delivery process. It had said that cash collected should be acknolwledged by issuing a receipt on behalf of the bank, and the money should be credited into the customer’s account the same day or the next working day. Bank customers can now look forward to home delivery of banking services, with the central bank allowing banks to employ agents to extend doorstep banking services. Banks can pick up cash and cheques for individuals and corporate customers. They can also deliver cash against cheques received across the counter to corporates and government departments. Where banks do employ agents, they have to certify in writing that they are taking responsibility for their agents’ actions. In its guidelines issued on Wednesday, RBI said that where banks engage agents for delivery of services, they should have a policy approved by their boards, which lays down broad principles for selection of agents and payment of commission. Banks will also have to comply with RBI directives on outsourcing services. Bankers say that doorstep banking can complement internet banking and further reduce pressure on branches. Public sector banks may, however, not be able to exploit this facility as much private and foreign banks due to union opposition to outsourcing of services. This move by RBI will give a big boost to rural banking plans of banks such as ICICI Bank which was looking at doorstep banking as one of the models to tap the rural market. Foreign banks, which cannot freely expand branch network, can also use this route to expand their business. The guidelines also prescribe service levels in terms of the time for delivery. According to RBI, cash collected from a customer should be acknowledged by issuing a receipt on behalf of the bank and credited to the customer’s account on the same or next working day depending on the time of collection. As part of risk-management prescriptions, RBI said that the cash delivery services could be offered against receipt of cheque only at the branch and not against telephonic request. For individuals, even this facility will not be available. Also, banks can provide door delivery of demand drafts only if they have received a requisition in advance and the amount has been debited to the custom-
er’s account. If a bank decides to charge extra for doorstep services, charges have to be first cleared by the board of the bank. RBI has also barred banks from extending this service to any address other than what is mentioned in the agreement between banks and customers.
RBI paves way for doorstep banking
After a gap of 21 years, the Reserve Bank of India has once again allowed domestic banks to offer doorstep banking, to their customers but with its prior approval. A circular issued on April 30 stated that, "A scheme for providing services at the premises of a customer within the framework of Section 23 of the Banking Regulation Act 1949 may be formulated by banks with the prior approval of their board and submitted to the Reserve Bank for approval". The practice was banned in May 24,1983 whereby banks were advised not to extend any banking facilities at premises of their customers without prior approval of the RBI. The decision, the circular stated, has been taken in view of several requests received from government departments such as railways and representation from banks. Till the time a separate scheme is worked out, agency banks in the business of conducting government business may continue to lift cash and collect credit instruments from premises of central and state government departments. Government business, includes disbursing pension, distribution and collection under savings bonds among other things. Explaining the significance of the development, a banker said the facility follows the RBI's resolve to pay special attention to the needs of a typical Indian depositor who seeks safe avenues for his savings. In its annual credit policy announced last, the governor stated, "banks are urged to refocus on deposit mobilisation and empower depositors by providing wider access and better quality of banking services. Therefore, the RBI will persist with its efforts to ensure quality of banking services in particular to small individual depositors.
RBI issues norms for doorstep banking
Banking services will now be available at the doorstep. Individual customers can have cash and other bank instruments picked up from their home or office while only demand drafts will be delivered. Corporate customers can additionally have cash delivered against cheque received at the bank's counter. The Reserve Bank of India on Wednesday issued guidelines for banks on "Doorstep Banking" allowing banks to either deploy their employees or hire agents to extend these services. The new guidelines allow banks to extend cash delivery services to corporate clients, public sector units and departments of Central and state governments against the receipt of cheque at the branch, and not based on telephonic requests. Individual customers cannot, however, avail of this facility. Similarly, the delivery of demand drafts for both individual and corporate customers will be done by debiting the account on the basis of requisition in writing or cheque received and not against cash collected at the doorstep. The RBI has, however, cautioned banks about risks arising out of these services and asked them to prescribe cash limits. "Banks are advised to take into account the various risks that may arise on account of offering doorstep banking services to customers directly or through agents and take effective steps to manage the same. Banks may specifically consider prescribing cash limits for their agents and customers in this regard," says the circular. According to the guidelines, banks have been asked to acknowledge cash collection by issuing receipts and ensuring that it is credited to the customer's account on the same day or the next working day. The charges for these services would have to be prominently indicated on brochures. These services will be provided only to those customers who have adequately fulfilled the bank's "Know Your Customer" norms. Banks will now have to prepare their own schemes based on the guidelines with the approval of their board. The central bank has also asked banks to appoint a Grievance Redressal Machinery for redressing complaints about services rendered by its `agents.' The name and the telephone number of the designated officer should be made available to the customers on the bank's website.
Banks have been asked to educate their `agents' about the incidence of circulation of forged notes, particularly of high denominations. "Banks are advised to take suitable steps to educate their "Agents" to enable them to detect forged and mutilated notes so as to avoid frauds and disputes with the customers," said the circular.
RBI Guidelines for Doorstep Banking- 21st February 2007
Banks can offer through own employees and Agents the banking services like pick up of cash, instruments and delivery of cash and demand drafts to Corporate Customers/ Government Departments/ PSUs/ Individual Customers at their doorstep. In order to ensure transparency in respect of the rights and obligations of customers, uniformity in approach and to clearly delineate the risks involved, RBI has laid down general principles and broad parameters to be followed by banks while offering "doorstep" services to their customers, Accordingly, banks may prepare a scheme for offering "doorstep" banking services to their customers, with the approval of their Boards, in accordance with the guidelines provided belowDetailed Guidelines for Doorstep Banking 1. Services to be offered Banks can offer the following banking services to their customers at their doorstep: (a) Corporate Customers/ Government Departments/ PSUs etc. (i) Pick up of cash (ii) Pick up of instruments (iii)Delivery of cash against cheques received at the counter (iv) Delivery of demand drafts (b)Individual Customers/Natural persons: (i)Pick up of cash (ii) Pick up of instruments (iii) Delivery of demand drafts
2. Modalities of Delivery (a)Through own employees (b) Through Agents Where banks engage the services of Agents for delivery of services, it should be ensured that the policy approved by the Board lays down the broad principles for selection of Agents and payment of fee/commission etc. Banks may refer to the guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks issued on November 3, 2006 and ensure that the principles enumerated therein are complied with while offering Doorstep Banking services. 3. Delivery process (i) Cash collected from the customer should be acknowledged by issuing a receipt on behalf of the bank; (ii)Cash collected from the customer should be credited to the customer’s account on the same day or next working day, depending on the time of collection; (iii) The customer should be informed of the date of credit by issuing a suitable advice. (iv) Delivery of demand draft should be done by debit to the account on the basis of requisition in writing/ cheque received and not against cash or instruments collected at the doorstep; (v) Cash delivery services may be offered to the corporate clients/PSUs/departments of Central and State Governments against receipt of cheque only at the branch and not against telephonic request. No such facility, however, shall be made available to individual customers; 4. Risk Management It may be ensured that the agreement entered into with the customer does not entail any legal or financial liability on the bank for failure to offer doorstep services under circumstances beyond its control. The services should be seen as a mere extension of banking services offered at the branch and the liability of the bank should be the same as if the transactions were conducted at the branch. The agreement should not provide any right to the
customer to claim the services at his doorstep. 5. Transparency Charges, if any, to be levied on the customer for doorstep services should be incorporated in the policy approved by the Board and should form part of the agreement entered into with the customer. The charges should be prominently indicated on brochures offering doorstep services. 6. Other conditions (i) Doorstep services should be offered to only those customers in whose case proper KYC procedures, as laid down in RBI guidelines dated November 29, 2004 and subsequent circulars on the subject have been followed; (ii) The services should be offered at either the residence or office of the customer, the address of which should be clearly and explicitly mentioned in the agreement. (iii) The agreement/ contract with the customer shall clearly specify that the bank will be responsible for the acts of omission and commission of its ‘agent’. (iv) The "Scheme" should not be restricted to any particular client/customer or class of customers. (v) Banks may keep in view the restrictions imposed by Section 10 (1) (b) (ii) (b) of the Banking Regulation Act, 1949, while making payments for the services outsourced. 7. Redressal of Grievance a) Banks should constitute an appropriate Grievance Redressal Machinery internally for redressing complaints about services rendered by its ‘agents’. The name and telephone number of the designated Grievance Redressal officer of the ‘bank’ should be made available to the customers including on the bank’s website. The designated officer should ensure that genuine grievances of customers are redressed promptly. b) If a customer feels that his complaint has not been satisfactorily ad-
dressed, he will have the option to approach the Office of the concerned Banking Ombudsman for redressal of his grievance/s.
Section 23 of Banking Regulation Act, 1949 – Doorstep Banking
1.in terms of which banks were advised to formulate a scheme with the approval of their Boards, for providing services at the premises of a customer and submit it to Reserve Bank for approval. 2. In order to ensure transparency in respect of the rights and obligations of customers, uniformity in approach and to clearly delineate the risks involved, it has been decided to lay down general principles and broad parameters to be followed by banks while offering "doorstep" services to their customers, Accordingly, banks may prepare a scheme for offering "doorstep" banking services to their customers, with the approval of their Boards, in accordance with the guidelines enclosed to this letter. 3. Attention of banks is also drawn to the incidence of circulation of forged notes, particularly, high denomination notes, in the market. Banks are advised to take suitable steps to educate their "Agents" to enable them to detect forged and mutilated notes so as to avoid frauds and disputes with the customers. 4. Banks are further advised to take into account the various risks that may arise on account of offering doorstep banking services to customers directly or through agents and take effective steps to manage the same. Banks may specifically consider prescribing cash limits for their agents and customers in this regard. 5. The operation of the scheme may also be reviewed by the Boards of banks on a half-yearly basis, during the first year of its operation and subsequently on an annual basis.
INTRODUCTION OF ICICI
Overview of ICICI bank
ICICI Bank is India's second-largest bank with total assets of Rs. 3,446.58 billion (US$ 79 billion) at March 31, 2007 and profit after tax of Rs. 31.10 billion for fiscal 2007. ICICI Bank is the most valuable bank in India in terms of market capitalization and is ranked third amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalization*. The Bank has a network of about 950 branches and 3,300 ATMs in India and presence in 17 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance Centre and representative offices in the United States, United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established a branch in Belgium. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transactionbanking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher mar-
ket share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity. ICICI Bank offers wide variety of Deposit Products to suit your requirements. Coupled with convenience of networked branches/ ATMs and facility of E-channels like Internet and Mobile Banking, ICICI Bank brings banking at your doorstep, Select any of our deposit products and provide your details online and our representative will contact you for Account Opening. Good treasury management is essential to business efficiency. Treasurers are responsible for the management of money within a business. Their role is to ensure that a business has sufficient funds, in the appropriate currencies, to meet its operational, financial and strategic objectives.
ICICI Doorstep Banking
Why go to the bank when your bank can comes to you? That’s right, no more need for constant trips to the bank. Get the advantage of ICICI Bank's Doorstep Banking, a convenient banking option for pick-ups and delivery from your place of business. Now you don't have to risk carrying cash to or from the bank. Doorstep banking from ICICI Bank is especially designed for entities such as yours having large number of daily banking transactions, Doorstep Banking means you save considerable time and effort. The result? More time to carry out other essential activities that help improve and grow your business Make the most of ICICI Bank’s Doorstep Banking, a convenient banking option for pick-up from and delivery to your place of business. You don’t have to risk carrying cash to or from the bank. Deposit / withdraw cash, deliver / collect trade documents and deposit cheques at the safety of your office, with ICICI Bank’s Doorstep Banking Service for Current Account customers.
Key feature include
It’s convenient It’s hassle-free It’s safe Transact from your premise. Experienced agencies deployed. Cash-in-transit insurance with multiple verification Procedures.
Key Benefits Of Doorstep Banking:
It’s convenient. You get service at your doorstep. So no traveling to the branch. It’s secure. Cash-in-transit insurance, multiple verification and reconciliation procedures make the facility fool-proof . It’s flexible. You can choose between daily services or service on call. It’s hassle-free . Experienced agencies help you with your transactions
Features : Opening an account:
You can open an account with us in the comfort of your home or office. Simply give us a call or contact bank online and executives will be there to help to open an account for you.
Pay orders and demand drafts :
The can request for free delivery of pay orders and demand drafts at home or office (within city limits of the bank branch in India ). To add to this, local pay orders and drafts drawn on own branches are now issued free of cost on various accounts and charged nominally on some. Cheque pick ups: Indicate the address (within city limits of the bank branch in India) from where you need to have a cheque picked up and our executives will be there for you.
TERMS AND CONDITIONS FOR DOORSTEP BANKING SERVICES
These Terms and Conditions apply to and regulate the provision of doorstep banking services offered by ICICI Bank Limited ("ICICI Bank") for ‘pick-up and delivery’ of cash, cheques, demand drafts and business banking documents (hereinafter referred to as "Services") by accepting the requests or Instructions sent through facsimile transmission or telephone. 1. In these terms and conditions, the following words and phrases have the meaning stated hereunder unless indicated otherwise: "Account" refers to the current account of the accountholder with ICICI Bank in India, which is designated as eligible account by ICICI Bank for the purposes of availing the aforesaid Services. "Client" refers to a person referred to the service request form having an Account with ICICI Bank and requesting for availing the Services, which request has been accepted by ICICI Bank. "ICICI Bank" refers to ICICI Bank Limited, a company incorporated under the Companies Act, 1956 and licensed as a bank under the Banking Regulation Act, 1949 and having its registered office at Landmark, Race Course Circle, Vadodara 390 007 and corporate office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400 051. "Instruction" refers to the requests and/or instructions for pick-up and/or delivery of cash, cheques, demand drafts and documents relating to banking business as may be
sent by the Client to ICICI Bank by means of a telephone and/or facsimile transmission. 2. The Client acknowledge and agree that the requests and Instruction for: i. Delivery of cash, demand drafts to the Client may be undertaken by ICICI Bank only if the request/Instruction is made by a facsimile transmission as per the procedure mentioned in the ‘service request form’ sent by ICICI Bank to the Client. ii. Pickup services for cash, cheques, demand drafts and banking business documents may be undertaken by ICICI Bank if the request/Instruction is made by telephone or facsimile transmission as per the procedure mentioned in the service request form sent by ICICI Bank to the Client. The Client must ensure that every Instruction to be sent through facsimile transmission is sent on ICICI Bank’s printed form (if any) applicable to the particular transaction and account at the time. If an Instruction through facsimile transmission is sent by the Client otherwise than on ICICI Bank's printed form and is accepted by ICICI Bank, such Instruction shall be subject to the terms and conditions on ICICI Bank’s printed form. 3. The Client agrees and undertakes to duly comply with its obligations in terms of the processes as detailed in service request form sent by ICICI Bank, and to duly remit the payments for the Services rendered by ICICI Bank as detailed in service request form. 4. The Client agrees and understands that ICICI Bank shall act upon the Instructions sent by facsimile only if in the opinion of concerned officer of ICICI Bank such Instructions are clear and unambiguous. The decision of the officer of ICICI Bank whether any such Instructions are clear and ambiguous or not and all actions of ICICI Bank thereof shall be conclusive and binding on the Client. This clause shall not preclude ICICI
Bank from exercising its absolute discretion to act or not to act on any or all Instructions. 5. The Client agrees and acknowledges that transmission of information through facsimile or telephone is not a secure means of sending information and may be subject to tampering and unauthorised access, fraudulently or mistakenly written, altered or sent, and not be received in whole or in part by the intended recipient, which may be including but not limited to: i. the Instructions may be fraudulently written or altered. ii. the Instructions may reach ICICI Bank in jumbled state or in a manner or shape that it may be misunderstood. iii. the Instructions may not be received by ICICI Bank or the facsimile machine may be unattended to at the time of receipt of Instructions and/or may be received by ICICI Bank only partially. iv. there may be a mistake in understanding the message. 6. The Client shall continue to be bound by all or any action of ICICI Bank in complying with the Instructions given to ICICI Bank by facsimile even if such Instruction has been countermanded by a subsequent Instruction or any written order or direction of the Client, if ICICI Bank has already commenced acting upon the first of such Instructions (without prejudice to it having received and acted upon a subsequent Instruction or written order or direction) or even in the event the facility as specified of receiving Instructions has been discontinued or suspended. 7. ICICI Bank shall not be liable for any inaccuracy, error or delay in, or omission of, (1) any data, information or message in the Facsimile Instruction, or (2) the transmission or delivery of any Facsimile Instruction; or (3) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission, (ii) nonperformance, or (iii) interruption in any such data, information or message, due either to any
act or omission by ICICI Bank due to failure of operational systems or any requirement of law or any internal policy of ICICI Bank or due to “force majeure” (e.g., flood, extraordinary weather condition, earthquake or other act of God, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, equipment or software malfunction) or any other cause beyond the reasonable control of ICICI Bank, and in case of tampering and unauthorised access to providing of Instruction, Instructions that are fraudulently or mistakenly written, altered or sent, and that the Instruction may not be received in whole or in part by the intended recipient. 8. The Client agrees that ICICI Bank shall not be liable if: i. the Client has breached any of the Terms and Conditions, contained herein or ii. the Client has contributed to or the loss is a result of failure on part of the Client to advise ICICI Bank within a reasonable time about unauthorised access of or erroneous transactions in the Account by use of the Services; The Client agrees that ICICI Bank may at such times as ICICI Bank may deem fit, request the Client to approach ICICI Bank branch with the acknowledgement provided by the agent to the Client at the time of the execution of the Instruction. 9. ICICI Bank may, at its sole and absolute discretion, act on any request or Instruction made by the Client to ICICI Bank, or which ICICI Bank reasonably believes to have been made by the Client. 10. The Client agrees and acknowledges to waive off its ‘right to claim’ for the Services to be provided at its doorstep and that ICICI Bank is under no obligation whatsoever to accept an Instruction through facsimile transmission or telephonically. Further, without limiting the generality of the foregoing, ICICI Bank shall not be deemed to have accepted any Instruction unless and until ICICI Bank receives the
complete Instruction on a business day and during the normal business hours of ICICI Bank. 11. The Client is responsible for the accuracy and authenticity of the Instructions provided to ICICI Bank and the same shall, subject to these Terms and Conditions, be considered to be sufficient to provide the Services. ICICI Bank shall not be required to independently verify the veracity, authenticity or validity of the Instructions. ICICI Bank shall have no liability if it does not or is unable to stop or prevent the carrying out of or the execution/implementation of an Instruction that is subsequently countermanded by the Client. Where ICICI Bank considers the Instructions to be inconsistent or contradictory it may seek clarification from the Client before acting on any Instruction of the Client or act upon any such Instruction as it deems fit. ICICI Bank has no liability or obligation to keep a record of the Instructions to provide information to the Client or for verifying Client's Instructions. ICICI Bank may refuse to comply with the Instructions without assigning any reason or notice and shall not be under any duty to assess the prudence or otherwise of any Instruction and have the right to suspend the operations through the Services or carrying out of Instructions if it has reason to believe that the Client's Instructions will lead or expose to direct or indirect loss to ICICI Bank, or ICICI Bank may require an indemnity and/or other security/comfort from the Client before continuing to restore/perform the Services and/or Instructions. 12. ICICI Bank shall be responsible for the acts of omission and or commission of the Agent appointed by ICICI Bank for the purposes of providing Services to the Client. 13. The Client acknowledges and agrees that the Instructions for the Services
shall be processed by ICICI Bank only if the same are received by ICICI Bank in the prescribed time and manner. 14. The Client agrees and acknowledges that the Services shall be provided by ICICI Bank at the communication address of the Client available with ICICI Bank at the time of the Client applying for availing the Services. In case of any request provided by the Client for getting the communication address changed in the records of ICICI Bank in a manner as may be prescribed by ICICI Bank, such changed communication address shall be used by ICICI Bank for providing the Services to the Client. 15. The Client agrees, confirms and undertakes to pay to ICICI Bank such charges/fees/expenses as may be notified to the Client by ICICI Bank at its sole discretion from time to time for organizing the Services. The Client further agrees and confirms that the acknowledgement and confirmation receipt to be furnished by the Client on the sheet provided by the agency would be a final and binding acknowledgement and confirmation of receipt of documents by the Client. 16. Without prejudice to anything contained in clause 12, above the Client agrees acknowledges and undertake that the Services proposed to be offered by ICICI Bank should be construed as mere extension of the banking services offered at any of its branches and the liability of ICICI Bank is limited to the extent as if the transaction is/was conducted at the ICICI Bank branch. 17. The Client confirms that ICICI Bank is authorised to debit the Clients' account with amounts in pursuance to any Instructions under the facility notwithstanding any other requirement contained in any law and practice including but not limited to Negotiable
Instrument Act, 1881. 18. In case the Client is sending an important business banking documents to ICICI Bank it will be the responsibility of the Client to write an email to ICICI Bank at the email address mentioned here firstname.lastname@example.org (or similar city name in the respective cases) mentioning the details of business banking documents sent and the DB Reference number assigned to the Client by the pick up agency. This would caution the branch to expect the document, and in case the document does not reach branch, the branch would follow up with the pick up agency and check on the same. In case the client does not write the email to ICICI Bank, ICICI Bank shall not be responsible for loss of such business banking documents. 19. Under no circumstances, shall ICICI Bank, its employees, directors involved in providing the Services be liable for any direct, indirect, incidental, special or consequential damages, or any damages whatsoever, including punitive or exemplary (including, but not limited to loss of profits, loss of data or other intangible information, business interruption, loss of privacy, or any pecuniary loss), arising out of or in any way connected with the provision of the Services resulting from unauthorized access or alteration of Facsimile Instruction or arising from interruption, suspension or termination of the cash/cheque collection and delivery services or any inability of ICICI Bank to receive instructions, directions, orders or other communications from the Customer or to transmit any related message for any reason whatsoever, whether based on contract, tort, strict liability or otherwise except in case of willful default or gross negligence on the part of ICICI Bank. Provided that notwithstanding anything to the contrary contained herein, the aggregate liability of ICICI Bank under this arrangement shall not exceed the service charges received by
ICICI Bank from the Customer under this arrangement. 20. The Client hereby indemnifies and agrees to keep ICICI Bank indemnified against all and any costs, losses, damages, expenses (including all legal expenses on a full indemnity basis) or other liability sustained or incurred by ICICI Bank as a result of ICICI Bank accepting and acting on an Instruction given or deemed to have been given or purportedly given by the Client, including but not limited to the Client, the Client handing over self/ bearer cheques to the cheque pick-up / delivery agency appointed by ICICI Bank in lieu of the cash delivered to the Client premises without ensuring that the “Paid” stamp of the cash delivery agency is affixed on the cheque in the Client’s presence. 21. The Client hereby authorizes ICICI Bank to charge the Account held with ICICI Bank with any sum of money that is payable by the Client, if any, in connection with a transaction carried out by ICICI Bank including bank charges for such transactions in reliance on an Instruction. 22. The Client agrees to comply with such security procedure as may be prescribed by ICICI Bank from time to time for purpose of sending Instructions. i. The Client undertakes not to disclose the security procedure to any person except to the Client authorised representatives. ii. If the Client or one of the Client’s authorised representatives is of the opinion or has reason to believe that the authentication procedure may be known by an unauthorised person, the Client must notify ICICI Bank immediately. iii. If ICICI Bank receives an Instruction that purports to have been transmitted or authorised by the Client, one of the Client’s authorised representatives or any other person and the Clients current authentication procedure has been used: ICICI Bank may rely on that Instruction and shall not be obliged to make any verification for authentication purposes; and Such Instruction will be deemed effective as a valid Instruction by the Client
23. The Client undertakes to confirm in writing every Instruction (by sending the original physical copy of the Instruction to ICICI Bank). The Client hereby authorises that ICICI Bank shall be absolutely entitled to accept and act on an Instruction prior to receiving written confirmation from the Client and that any action taken in pursuance of the Instruction shall be valid even if such written confirmation is not received by ICICI Bank. 24. At anytime, ICICI Bank may give notice to the Client, in such manner as it may deem fit, that it shall not accept further Instructions and that notice shall be deemed to be effective against the Client on receipt of the same. A Client will be deemed to have received the same immediately in case ICICI Bank sends the notice through facsimile or after two (2) days in case the notice is sent by post/ courier. 25. ICICI Bank reserves the right to charge and recover from the Client fees along with applicable taxes for availing the Services at any time as it may deem fit. Failure to pay the charges/fees (including applicable taxes) on or before the specified date will render the Client liable for payment of interest at such rate as may be stipulated by ICICI Bank and/or withdrawal of the Services without any liability to ICICI Bank. 26. The Services provided to the Client is not transferable under any circumstance and shall be used only by the Client. However, ICICI Bank shall have the right to transfer, assign or sell all its rights under this terms, shall continue to be in force and effect for the benefit of the successors and assigns of ICICI Bank. 27. ICICI Bank shall have the absolute discretion to amend or supplement any of the
Terms and Conditions, features and benefits offered on the Services including, without limitation to, changes which affect charges or rates and methods of calculation at any time. The Client shall be liable for all charges incurred and all other obligations under these revised Terms and Conditions until all the amounts under the Services so provided by ICICI Bank are repaid in full. ICICI Bank may communicate the amended Terms and Conditions by hosting the same on its website or in any other manner as decided by ICICI Bank. The Client shall be responsible for regularly reviewing these Terms and Conditions including amendments thereto as may be posted on the website of ICICI Bank and shall be deemed to have accepted the amended Terms and Conditions by continuing to use the Services. 28. ICICI Bank may, at its discretion, withdraw temporarily or terminate the Services, either wholly or in part, at any time without giving prior notice to the Client. ICICI Bank may, without prior notice, suspend the Services at any time during which any maintenance work or repair is required to be carried out or in case of any emergency or for security reasons, which require the suspension of the Services. ICICI Bank shall endeavour to give a reasonable notice for withdrawal or termination of the Services. At anytime, ICICI Bank may give notice to the Client, in such manner as it may deem fit, including but not limited to, posting the notice on www.icicibank.com on the Terms and Conditions page that it shall not accept further Instructions and that notice shall be deemed to be effective against the Client on receipt of the same. ICICI Bank may suspend or terminate the Services without prior notice if the Client has breached these Terms and Conditions or ICICI Bank learns of the death, bankruptcy or lack of legal capacity of the Client. 29. These Terms and Conditions shall be governed by the laws of India. The Parties hereby agree that any legal action or proceedings arising out of the Terms and Conditions shall be brought in the courts or tribunals at Mumbai in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals.
ICICI Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms and Conditions in any other court, tribunal or other appropriate forum, and the user hereby consents to that jurisdiction. Any provision of the Terms and Conditions which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms and Conditions or affect such provision in any other jurisdiction. 30. ICICI Bank reserves the right to revise the policies, features and benefits offered through the Services from time to time and may notify the Client of any such revisions/changes in any manner as deemed appropriate. The Client will be bound by such revisions/changes unless the Client terminates the Services. The Client shall comply with all such terms and conditions as ICICI Bank may prescribe from time to time for the Services availed of by the Client. All such transactions effected by or through facilities for conducting remote transactions including the internet, world wide web, electronic data interchange, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of ICICI Bank, for and in respect of such facilities/ services offered, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the terms and conditions prescribed by ICICI Bank for such facilities/ services, as may be prescribed from time to time.
A service, specially designed for entities having a large number of branch transactions. Doorstep Banking helps you save considerable time and effort. Result? More time to focus on your core business activities and accelerate the growth of your business. Doorstep Banking Services (DBS): A facility provided to customers where the bank appoints an agency to Pick-up/Deliver Cash, Pick-up Cheque or Pick-up/Deliver Trade Documents from the client’s doorstep. Its convienent
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No traveling or queuing at the branch Bank within the secure environment of your office No need to break your busy schedule for routine transactions
Its hassle free
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Service offered through reliable service providers Dedicated courier agencies for Cheque pick-up Experienced Cash-in- Transit agents (CIT) for cash pick -up/delivery With Armored vehicle Comprehensive Insurance coverage
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Fool-proof, multiple verification and reconciliation procedures Agency personnel to produce ID card on demand Unique transaction ID generated for agent verification
Its reduce risk
Reduces the risk of carrying large sum of cash to or from the branch
Services currently offered: 1. Cash Pick-up 2. Cash Delivery 3. Cheque Pick-up 4. Trade Document Pick-up 5. Trade Document Delivery
Business Doorstep Banking Business Doorstep Banking includes pick-up and delivery of cash, collection of cheques and delivery of drafts. The charges are as follows: Charge Within city limits Outside city limits Upto 2 lakhs 125 175 2-4 lakhs 4-5 lakhs 5-10 lakhs 250 350 500 700 750 1000 10-20 lakhs 1250 1500