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  • +91 08157-246278,246181
  • info@rors.in

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RORS FINANCE PRIVATE LIMITED
ANTI SEXUAL HARASSMENT POLICY

Background

RORS Finance Private Limited is committed to creating and ensuring an enabling, dignified and equitable work environment for every employee. Sexual harassment is an act of power, and a public violation of a woman’s dignity that is often trivialized by labeling it an interpersonal transgression. The Supreme Court of India has laid out that it is the duty of the employer or other responsible persons in work places or other institutions to prevent or deter the commission of acts of sexual harassment and to provide the procedure for the resolution, settlement or prosecution of acts of sexual harassment by taking all steps required. RORS Finance Private Limited endeavors to put in place adequate measures to ensure safety, security, dignity, rights and equality of women.

Sexual Harassment: The Law

The Supreme Court in India has mandatory guidelines known as Vishakha Guidelines, for resolution and prevention of sexual harassment enjoining employers by holding them responsible for providing a safe work environment for women. Vishakha guidelines apply to both organized and unorganized work sectors and to all women whether working part time, on contract or in voluntary/honorary capacity. The guidelines are a broad framework which put a lot of emphasis on prevention and within which all appropriate preventive measures can be adapted. One very important preventive measure is to adopt a policy which expressly prohibits sexual harassment at work place and provides effective grievance procedure, which has provisions clearly laid down for prevention and for training the personnel at all levels of employment. The directions were deemed to be “binding and enforceable in law.”

Purpose
  • RORS Finance Private Limited has promulgated its Policy against Sexual Harassment which will be implemented across all offices of RORS Finance Private Limited, and other places where employees find themselves in connection with work.
  • The purpose of the policy is to promote a work place free from sexual harassment, prevent and minimize harassment of sexual nature, and provide an appropriate complaint mechanism to redress the complaints and ensure time bound redressal.
  • Specifically this policy aims: To put in place a mechanism for prevention and redressal of sexual harassment cases at work place.
  • To create a secure and stress free environment for women workers/ employees
  • To ensure that no gender based discrimination takes places which hinders women’s progress and equal opportunities for them
  • To promote a healthy work environment in which men and women can work as a colleagues and develop their fuller potential
Principles
  • Sexual Harassment is unlawful and will not be tolerated and is a disciplinary issue the principles governing it are:
  • Speedy (early) resolution to problems
  • Confidentiality
  • It is the duty of all staff, part time or casual employees, volunteers and consultants to comply with this policy.
  • Any retaliation against an individual who has complained about sexual harassment (complainant) or retaliation against individuals for cooperating with an investigation of a harassment complaint is similarly unlawful and will not be tolerated.
  • Managers have a duty to ensure that all staff knows that harassment will not be tolerated
  • Managers have a responsibility to take appropriate action where they become aware of possible harassment
  • Misuse of policy or Malicious complaints will be dealt with as a disciplinary matter
Policy
  • This policy shall extend to all Staff of RORS Finance Private Limited and to third party harassment of RORS Finance Private Limited women employees. Specifically, the provisions of this policy are applicable to
  • All women employees of RORS Finance Private Limited,
  • Action under this policy will be initiated in cases where any of the above is subjected to sexual harassment by RORS Finance Private Limited employee, inside or outside the office.
  • The policy is not designed or intended to limit RORS Finance Private Limited’s authority to discipline or take remedial action for workplace conduct which we deem unacceptable, regardless of whether that conduct satisfies the definition of sexual harassment. RORS Finance Private Limited will actively assist and do all that is necessary to ensure the safety of female staff in the office premises or otherwise in respect to any duties/activities that they perform in connection with work which take place outside office premises and involves third party contacts.
  • In cases where a RORS Finance Private Limited employee is subjected to sexual harassment by a third party who is not an RORS Finance Private Limited employee, this policy mandates immediate action to protect the complainant and to initiate action against the harasser, either through the appropriate policy of the concerned employer or, in cases where this is not possible, through the criminal justice system.
Examples of behavior include:
  • Unwelcome sexual advances – whether they involve physical touching or not;
  • Sexual epithets, jokes, written or oral references to sexual conduct, gossip regarding one’s sex life; comment on an individual’s body, comment about an individual’s sexual activity, deficiencies, or prowess; banter, insults, taunts or gibes which are disparaging about a particular gender or make reference to sexuality or intimate parts of the body
  • Displaying pornographic or sexually suggestive objects, pictures, cartoons;
  • Unwelcome leering, whistling, brushing against the body, sexual gestures, suggestive or insulting comments;
  • Inquiries into one’s sexual experiences; and,
  • Sexually oriented comments and use of abusive language in the presence of women or any other foul language which shows disrespect towards women;
  • Discussion of one’s sexual activities.
  • Persistent or unwanted attention or physical contact or similar;
  • The exercise of undue influence to obtain consent to a sexual relationship;
  • The general use of sexually explicit or provocative language;
  • Obscene behavior in front of women colleagues; seeing or compelling them to see photographs which make them feel harassed;
  • Any behavior that creates an environment that is intimidating, hostile, or offensive for members of one sex, and thus interferes with a person’s ability to work;
  • The above is not exhaustive and can only be used as a guide for examples of sexual harassment.
  • All staff should take special note that, as stated above, retaliation against an individual who has complained about sexual harassment, and retaliation against individuals for cooperating with an investigation of a sexual harassment complaint is unlawful and will be treated as gross indiscipline.
Preventive Action
  • Consistent with the existing law under the Vishaka judgement, RORS Finance Private Limited shall take all reasonable steps to ensure prevention of sexual harassment at work. Such steps shall include:
  • Prominently notifying the VISHAKA guidelines (and appropriate legislation when enacted on the subject) in suitable manner
  • Commitment to enforce the policy and circulation of RORS Finance Private Limited’s policy on sexual harassment to all staff, partners or others (Volunteers, Consultants, interns, service providers) in any way acting in connection with the work and/or functioning of RORS Finance Private Limited
  • Informing all others (partners, service providers etc) who are connected to the works of RORS Finance Private Limited, to make them aware of the policy and violation of the principles laid in the policy, may lead to the termination of the contractual or other relationship with such agency/individual
  • Ensuring a reference to the policy and its enforceability in all contracts and agreements signed by RORS Finance Private Limited
  • Ensuring that all employees are aware of what is meant by harassment and the rights of the affected person, and the consequences on the harasser;
  • Educate all employees about the issue and promote a healthy discussion of the policy. Arrange trainings on sexual harassment and addressing complaints to staff as well as members of the Committee against Sexual Harassment (CASH) empowering them to execute their roles through informed and objective decisions
  • All persons will be strongly encouraged to immediately report any evidence of discriminatory harassment or complaints regarding discriminatory harassment made to them to the Senior Management or members of the CASH Committee.
  • Taking care of the safety and protection of women staff while planning for travel, visits to ensure that their exposure to risks of sexual harassment is minimized
Committee against Sexual Harassment

The Committee against Sexual Harassment set up for this purpose, shall have statutory status and be empowered to carry out the mandate of the policy. The Committee will be empowered to receive complaints, attempt informal resolution through mediation, conduct formal enquiries and recommend appropriate actions for redressal and punishment.

Constitution of the Committee
  • The Director of RORS Finance Private Limited Mrs. Revathi Reddy, Chair the committee.
  • Mrs. Usha Rani the Chief Accounts Officer as committee member
  • Mr. V. Sreenivasulu, Operational Head as committee member

The names and contact details of all members of the Committee shall be prominently displayed on the main notice board of all RORS Finance Private Limited offices.

Duties and Responsibilities of Committee against Sexual Harassment
  • It shall be the duty of the, Chief Accounts Officer of the committee as the case may be, who receives such a complaint, to immediately inform the complainant of her right to initiate action in accordance with the policy
  • Recognize that confidentiality is important and will respect the confidentiality and privacy of complainants or defendants, to the extent reasonably possible
  • If at any stage after the filing of a complaint and during any proceedings in respect of it, the aggrieved staff shall have the right to withdraw the complaint and the Committee against Sexual Harassment shall permit her to withdraw the complaint and if an inquiry has commenced, shall discontinue the inquiry.
  • If it is brought to the notice of the Committee against Sexual Harassment is of the opinion that, pressure is being brought on the complainant or the witnesses to withdraw their statements or not go through with the complaint then it will record this.
  • Committee against Sexual Harassment shall be empowered to do all things necessary to ensure a fair hearing of the complaint including all things necessary to ensure that complainants/aggrieved persons or witnesses are neither victimized nor discriminated against while dealing with a complaint of sexual harassment. In this regard the Committee against Sexual Harassment shall also have discretion to make appropriate interim recommendations vis-à-vis an accused person pending the outcome of a complaint including suspension. It would:
  • Ensure that procedures for registering complaints are simple, accessible and effective.
  • Take immediate cognizance of the complaints, conduct timely enquiries, provide redressal to the complainant and take action against the harasser.
  • Recommend appropriate follow up action and monitor the compliance
  • Seek legal, medical or police assistance with the consent of the victim
  • Offer/ensure required psychological, emotional and physical support to the victim.
Complaints of Sexual Harassment
  • If any staff at RORS Finance Private Limited believes that she has been subjected to sexual harassment, such person, shall have the option to file a complaint with Committee against Sexual Harassment. This may be done in writing or orally.
  • A complaint may be filed by contacting any one of the members of the Committee against Sexual Harassment. Members of Committee against Sexual Harassment will also be available to discuss any concerns staff may have and to provide information about RORS Finance Private Limited’s policy on sexual harassment and the complaint process.
Procedure on handling complaints
  • All procedures will be quick and confidential. It will be ensured all members of RORS Finance Private Limited have confidence in the procedures. The proceedings under this policy shall not be stalled or postponed merely because the complainant is proceeding against the accused under any other provision of law. The provisions of this policy shall not restrict the powers of the Management or the complainant to proceed against the alleged harasser for any other misconduct or other legal remedies.
  • It is important to take action as early as possible to try to stop the harassment. The Policy offers both Informal and Formal procedures to the aggrieved person to tackle the problem she is facing. She/They may decide not to use the informal procedure and move immediately into the formal procedure. The choice as to which process to use is the aggrieved person(s).
Complainant – Aggrieved person
  • Any female staff who feels she is being harassed should read the following procedure and take the action that is considered most appropriate to their circumstances.
  • The aggrieved person(s) can contact any member of the Committee against Sexual Harassment who will treat in confidence any discussions with them.
  • At all stages it is recommended that the complainant/aggrieved person(s) keep notes of the incidents of harassment that occur, noting time, date, location, people involved, details of what was said and done and the manner in which it was done/said.
  • At any stage during the informal and formal stages of the investigation procedure a colleague may accompany the complainant/aggrieved person(s).
Informal Stage
  • In the first instance the aggrieved person(s) can try to approach the person who they feel is harassing and ask the person to stop. The aggrieved should explain to the person who is harassing the nature of the behavior that the aggrieved person(s) want to stop and how their behavior makes the aggrieved feel.
  • If the aggrieved person(s) do not feel that they can approach the person on their own they might ask someone else to accompany to meet the person(s) allegedly harassing or might wish to ask another person to speak to the alleged harasser on their behalf. They may also want to ask someone to facilitate the discussion with the alleged harasser.
  • Talking to someone else before approaching the alleged harasser may help the aggrieved person(s) to think through how best to approach the person involved.
  • If judged appropriate, an informal process (discussion with both parties and mediation to resolve the issue) will be attempted within one week of receipt of the complaint.
  • In cases where the alleged offender accepts part or all of the substance of the complaint in the course of the informal process, Committee against Sexual Harassment may recommend appropriate disciplinary action.
  • In cases where the informal process has been successful in resolving the grievance, the Committee against Sexual Harassment will close the case and submit a report to the SMT recommending measures to prevent the recurrence of the situation that generated the complaint.
  • In cases where the informal process reveals prima facie evidence of gross sexual misconduct, the Committee against Sexual Harassment may decide to institute a formal enquiry even if the complainant is satisfied with the informal process.
Formal Procedure
  • In cases where an informal approach is deemed inappropriate, or is tried and fails to resolve the issue, a formal investigation will be instituted within fifteen days of the receipt of the original complaint. As has been mentioned above, the complainant/aggrieved person(s) can proceed directly with the formal procedure. The choice of the procedure is with the complainant/aggrieved person(s). If the initial complaint was made verbally, it will be taken in writing at this stage.
  • If the aggrieved person(s) decide to use the formal procedure they may contact any one of the duty bearers mentioned above and formally report to the person. The person approached in such a way MUST follow up the case in a way agreed with the individual and in line with this Policy.
  • After discussing the case the complainant should put their case in writing. The complainant will be asked to submit a written statement with details of the alleged incident(s) of harassment, with supporting evidence and names of persons who can provide corroboration.
  • On receiving the complaint, the duty bearer will report to the Committee against Sexual Harassment of the complaint.
Investigation Procedure
  • On receiving a complaint of sexual harassment, the Committee against Sexual Harassment will constitute an investigation panel from its own members or from other RORS Finance Private Limited staff or external experts as appropriate to the complaint received. There will be minimum quorum of 3 members in the investigation panel. The investigation panel shall conduct a detailed inquiry into the complaint by following the process as laid out below.
  • The investigation into a complaint will be conducted in such a way as to maintain confidentiality to the extent practicable under the circumstances. In carrying out its investigation the panel should carry out its work in a discrete and sensitive manner and all those involved should treat the matter as strictly confidential.
  • In the course of investigating any complaint of harassment, the investigation panel shall ensure that the principles of natural justice are adhered to namely: both parties shall be given reasonable opportunity to be heard along with witnesses and to produce any other relevant documents before the investigating panel; upon completion of the investigation, both parties, to the extent appropriate, will be informed of the results of that investigation.
  • The alleged offender will be informed in writing of the substance of the complaint. Depending on the nature of the complaint and the particular circumstances of the case, the alleged offender will be requested to respond either in writing or orally to the investigation panel, which will record the response.
  • The alleged offender will also be asked to submit documentary or other evidence in refutation of the complaint.
  • In the course of investigating the complaint, investigation panel will conduct personal interviews with the complainant, the alleged offender and any other individuals who can provide information in support of, or in refutation of, the complaint. The complainant and the defendant shall be called separately to ensure freedom of expression and an atmosphere free of intimidation. The complainant shall be entitled to be accompanied by one representative during the enquiry.
  • The investigation panel may also examine documents, including confidential files and records pertinent to the case.
  • The proceedings of the investigation and the deliberations of the Committee against Sexual Harassment will be recorded both in writing and on tape.
  • The complainant (or a person nominated by the complainant as an observer) will have the right to remain present during the depositions by the alleged offender and witnesses. Transcripts of the depositions may be made available in cases where the complainant chooses not to exercise the right to be present.
  • In extreme circumstances it may be appropriate to suspend the alleged harasser (without blame) on full pay pending the outcome of the investigation.
  • Recommendation by the majority members of the investigations panel will be accepted as the recommendation of the panel, but the panel will record dissent and differences if any.
Recommendation and Action
    • At the close of the investigation, the Committee against Sexual Harassment will submit a report in writing, stating its findings and recommending the appropriate course of action. Recommendations made by Committee against Sexual Harassment shall be final and binding on the Management of RORS Finance Private Limited.
    • RORS Finance Private Limited views any finding of harassment a serious violation of human rights; if it is determined that inappropriate conduct has been committed by a staff, appropriate action will follow under the circumstances. Such action may range from counseling to termination from employment, and may include such other forms of disciplinary action as the Committee against Sexual Harassment deems appropriate under the circumstances and makes a written recommendation. RORS Finance Private Limited Management will be responsible to initiate action to stop the harassment and prevent its reoccurrence. Committee against Sexual Harassment will be responsible for ensuring that the recommendations are followed up.
    • After completing the investigation, where a person(s) is found to have sexually harassed another person(s) Committee against Sexual Harassment should make clear recommendations as to necessary action to be instituted to remove the offensive conduct and where appropriate, for disciplinary proceedings to be taken against the harasser. The complainant’s views shall be taken into consideration for this purpose. The complainant will have the option to seek transfer of the offender or their own transfer.
    • On the completion of an enquiry by an investigation panel, it will file its report to the Committee against Sexual Harassment committee. The Committee against Sexual Harassment may recommend to the RORS Finance Private Limited Management actions by a reasoned order and
    • Dismiss the complaint which was the subject-matter of the inquiry; or pass any one or more of the following directions, namely:-

1. That the defendant shall not repeat or continue such unlawful conduct; or
2. That the defendant shall perform any reasonable act or course of conduct to redress any loss or damage suffered by the complainant; or
3. That the defendant shall give a written apology to the aggrieved woman clearly undertaking that such behavior will not be repeated and that no retaliatory steps will be taken by him or on his behalf; or
4. Tthat a punishment in addition to above be imposed upon the defendant, where the defendant is an employee, according to the gravity of the act of which he has been found guilty
5. The Committee against Sexual Harassment may direct that, any of the following punishments, having regard to the gravity of the act of which he has been found guilty, be imposed on the defendant-

Minor Penalties:
  • Being put on Probation for 6 months irrespective of length of service
  • Censure/Reprimand in writing to be placed on record in the Personal File
Major Penalties:
  • Reduction in salary not exceeding 1/3 of the gross pay
  • Forfeiture of Annual Increment
  • Suspension from work for a period not exceeding 3 months on half pay
  • Transfer
  • Dismissal
  • Provided further that before any action is taken under this clause, the defendant shall be given an opportunity to show cause as to why the proposed action should not be taken against him.
  • Explanation.- For the purpose of this sub-section, “damage” shall include the injury to the feelings of the aggrieved woman or the humiliation suffered by her.
Time Table
  • Once the complaint is received at the Committee against Sexual Harassment, a time frame for resolving the complaint should be agreed on receipt of the complaint in writing. In most cases the investigation panel will be set up by the Committee which would complete its investigation within 10 working days. All complaints shall be heard and finally determined within a period of 30 days of the complaint having been made. A report of the case, findings and recommended action (if any) proposed by the Committee shall be completed within his time.
Report
  • The investigation panel should prepare a report of its findings and give this to the Committee against Sexual Harassment. The two parties involved will receive copies of the investigation report. There should also be an agreement between the parties as to the level of confidentiality to be maintained about the details of the complaint. Copies of the report and any supporting papers will be kept in a separate confidential file.
Appeal
  • Either party may wish to lodge an appeal within 5 days of notification of the outcome of the investigation. This appeal may only be on the grounds of unfairness/fault in the procedure not on grounds of the decision itself.
  • In the case of an appeal a new panel will be set up in the same way as the original investigation panel and the grounds for the appeal investigated. At this stage it will probably be appropriate to involve one or more managers in the new panel.
Others
  • Where sexual harassment occurs as a result of an act or omission by any third party or outsider, the Committee and RORS Finance Private Limited management will take all steps necessary and reasonable to assist the affected person in terms of support and preventive action.
  • Members will be advised and requested to consider adopting suitable measures to ensure that the guidelines laid down by this order are also observed by their organisations.
Management Obligations
  • Management of RORS Finance Private Limited shall provide all necessary assistance for the purpose of ensuring full, effective and prompt implementation of this policy. It shall be further be bound by the decisions of the Committee against Sexual Harassment and shall implement the same expeditiously
Criminal Proceedings
  • In the event the conduct complained of amounts to a specific offence under the Indian Penal Code or under any other law in existence, the Committee shall recommend to management to take appropriate action in making a complaint with the appropriate authority.
  • The Committee will actively assist and do all that is necessary to ensure the safety of a complainant in the office premises or otherwise in respect to any duties/activities perform in connection with her work which take place outside office premises
Conclusion
  • The proceedings under this policy shall not be stalled or postponed merely because the complainant is proceeding against the accused under any other provision of law.
  • The provisions of this policy shall not restrict the powers of the Management or the complainant to proceed against the alleged offender for any other misconduct or other legal remedies.
  • The policy will be reviewed from time to time and revised to keep it up to date with changes in state acts, employments policies or lessons learnt. The process for review will also consult all staff and seek advice externally
  • The Committee will minute all its meetings and proceedings and submit quarterly reports to the Governing Board of RORS Finance Private Limited.
  • These Reports will be placed before the Board for information at the Board Meeting every quarter.

RORS FINANCE PRIVATE LIMITED
INFORMATION SYSTEM, SECURITY AND DISASTER RECOVERY
MANAGEMENT POLICY

Introduction and policy statement

Information Technology is a key driver of an increasingly knowledge based global economy and is the basis for preparation of this policy. This document sets out the Information Technology (IT) Policy for RORS Finance Private Limited for the protection of its systems and defining baseline responsibilities for IM&T security, equipment and file storage. “IM&T systems” refers to the IT network, hardware including portable media, system and application software, communication components including telephone and WAN systems, documentation, physical environment and other information assets.

his Policy covers the IT networks for staff across all Branches.

The equipment covered by this policy includes:

  • Network Infrastructure – The equipment housed internally to provide the IT network, including servers, enclosures, racks, cabling, switches/hubs, Routers, wireless access points, firewalls, proxies, authentication systems and devices, NTEs, ATAs and remote access systems.
  • Desktops – Personal Computers (PCs) issued or provided to staff in the course of carrying out their duties
  • Laptops/Netbooks – Portable Personal Computers issued or provided to staff in the course of carrying out their duties
  • Mobile Phones – Digital communication devices issued or provided to staff in the course of carrying out their duties
  • Desk/Conference Phones – Telephones/Voice Communication devices connected to the Network Infrastructure including desk telephones, conference telephones (star phones), analogue telephony adaptors, DECT telephones (cordless)
  • Media/Portable Media – Electronic Storage Devices such as DVDs, CDs, memory sticks and hard drives issued or provided to staff in the course of carrying out their duties
  • External Communications Infrastructure – Equipment used to connect to the external world including the Wide Area Network, analogue telephone lines, digital telephone lines, leased lines, LES/WES/Ethernet first mile circuits, ADSL circuits, SDSL circuits and all related equipment and services.
  • All related Facilities & Estates controlled IT media used in meeting rooms

The objective of this policy is to ensure: –

  • the confidentiality of data and information assets are protected against unauthorised disclosure and incidents are promptly reported (see section 9)
  • the confidentiality of data and information assets are protected against unauthorised disclosure and incidents are promptly reported (see section 9)
  • the availability and accessibility of IT systems as and when required by staff

This policy sets out the principles of IT security including the maintenance, storage and disposal of data and explains how they will be implemented to ensure there is a centralised and consistent approach to IT security.

One of the aims of the policy aims to raise awareness of the importance of IT security in the day to day business of RORS Finance Private Limited.

The policy supports the business objectives of ensuring that the security, integrity and availability of IT systems are balanced against the need for staff to access systems and services that are necessary for their job, within the limits imposed by this policy. It will also help to protect data from misuse and to minimise the impact of service disruption by setting standards and procedures to manage and enforce appropriate IT security.

Scope

This policy applies to all IT systems of RORS Finance Private Limited and those working at or for RORS Finance Private Limited.

Security

Technical security measures will be put in place to protect all systems from viruses and other malicious software, and all IT systems will be monitored for potential security breaches.

All IT equipment, including virtual systems, will be uniquely identified and recorded.

Environmental controls will be maintained in the server/communications rooms of all premises to protect key equipment. Smoking, drinking and eating is not permitted in these areas.

Records of all faults and suspected faults will be maintained.

Access to premise server/communications rooms will only be with the express permission of the IT Department.

Memory sticks and other portable media must be put to use only after it is verified and found to be free of virus and other malware.

Strong passwords should be constructed wherever required and not disclosed to anyone who should not have access to it and should be changed from time to time.

Confidentiality should be maintained towards all data relating to RORS Finance Private Limited and sensitive information should not be disclosed without prior permission from respective department heads.

All information collected from customers will be guarded with utmost security and privacy of customer data will be respected.

Employees must use their own username/login code and/or password when accessing the Technology Assets. Guests may be permitted only upon approval by the Information Technology personnel.

Employees should protect their username/login code and password information at all times and not divulges such information to any other person, unless it is necessary to do so for legitimate business reasons.

Technology Assets should be logged off when not in use and always when the employee has left the office.

E-mail Etiquette, security and legal considerations

The Internet and E-mail system hardware is Company property and therefore all messages sent or received on the E-mail system are and remain Company property. They are not the private property of any employee/representative.

Occasional use of email and the Internet for personal domestic purposes is allowed on the condition that its use is governed by this policy

Electronic mails are legal documents and can be required to be produced as evidence in legal proceedings. Therefore, care should be exercised never to make any statement which may embarrass you or the company, if made public.

Disaster recovery and business continuity

All business critical data will be replicated

All data will be backed up onto tape libraries weekly once so that data exist in different places. Critical computer equipment must be fitted with battery back-ups (UPS) to ensure that it does not fail during switchovers or emergency shutdowns.

To minimise the risk to IT systems, robust disaster recovery plans will be put in place to ensure:

  • identification of critical computer systems
  • identification of areas of greatest vulnerability and prioritisation of key users and user areas
  • development, documentation and testing of disaster recovery plans, including identifying tasks, agreeing responsibilities and defining priorities
  • the existence of emergency procedures covering immediate actions to be taken in response to an incident (e.g. alerting disaster recovery personnel) and actions to be taken to return to full normal service
This policy will be monitored by the IT department to ensure it is fit for purpose and reviewed every year.

RORS FINANCE PRIVATE LIMITED
POLICY ON INVESTMENT

POLICY ON INVESTMENT

Preamble

In terms of the RBI Master circular on “Non-Banking Financial (Non-deposit accepting or holding) companies prudential Norms directions 2007” bearing no. DNBS (PD) CC No.332/03.02.001/2013-14 dated 1st July 2013, every NBFC’s Board of Directors should frame a suitable Investment Policy and execute the same. The guidelines issued by RBI ,inter-alia, state that the criteria to classify the investments into current and long term investments shall be spelt out by the Board of the company in the investment policy. The guidelines also state that investments in securities shall be classified into ‘current and long term’ at the time of making each investment. The circular inter-alia defines “Current Investment” as an investment which is by its nature readily realizable and is intended to be held for not more than one year from the date on which such investment is made. As a NBFC-MFI, active in the field of microfinance, RORS Finance Private Limited is dealing with own as well as borrowed funds. While raising resources and deploying it in the form of lending shall be one in a prudent manner, there may be occasions when the company may have investible surpluses. It would be imperative that such amounts are invested judiciously in suitable instruments that ensure safety of principal and a high degree of liquidity, at the same time giving a fair yield. This Policy, therefore, is intended to act as guidance for the company while making such investments.

Objective of the Policy

The objective of the policy can be broadly summarized as follows:
a) Manage and invest surplus funds efficiently and effectively with the specific intention of deriving optimum returns and manage risks involved thereto.
b) Manage and contain interest rate and market risk.
c) Contain credit risk and protect the capital from erosion.

The Policy
A. General Principles:
  1. It shall be ensured that the investments made are safe and there will be no chance of the principal getting eroded.
  2. The investment should be easily saleable and convertible to cash, without loss of principal, in case of urgency.
  3. The investment shall be well distributed to avoid concentration risk. The Company shall be guided by the Policy on Single Party Exposure adopted by the Board.
B. Permitted investment vehicles
  1. Investments in fixed deposits in scheduled commercial banks.
  2. Tradable securities issued by the Central and State governments. (Transactions in Government securities shall be done through CSGL account or demat account. The company shall not undertake any transaction in government security in physical form or through any broker.)
  3. Instruments issued by the Companies in the Public sector rated AAA/CARE of P1/CRISIL or equivalent rating by other rating agencies which are readily tradable.
  4. Debt market schemes of the mutual funds which qualify the following criteria:
    • 100% Debt fund (Nil exposure to Equity)
    • Overall AMC (Asset Management Company) corpus size of minimum Rs 500 Crores
    • Quality of papers – More than 75% of the portfolio should have equivalent of P1+ or AAA ratings or equivalent
    • No real estate Exposure
  5. Commercial paper issued by scheduled commercial banks or corporate debentures with a rating of AAA by CARE or equivalent.
C. Duration of investment and its classification
    1. The duration of investment may be decided based on the asset liability pattern. It should be ensured that the asset created out of the investment do not create an asset liability mismatch or
      a liquidity risk. Investments made may be classified as current and long term based on the following criteria.
Duration of Investment Classification

One year and less Current Investments
More than one year Long term investments

  1. There shall be no inter-class transfer on ad-hoc basis once an investment has been classified on the above basis.
  2. The inter-class transfer, if warranted, shall be effected only at the beginning of each half year, on April 1 or October 1, with the approval of the Board.
  3. The investments shall be transferred item-wise, from current to long-term or vice-versa, at book value or market value, whichever is lower.
  4. To maintain liquidity, as per the liquidity policy adopted by the Board, the company may, as far as, possible maintain its surplus in liquid assets such as short term Bank Deposits and debt
    3 Market instruments of mutual funds of short term maturity and classified as Current Investments.
Accounting of Investments

The accounting part of the investments is made as per the extant RBI guidelines, by which, income from dividend on units of mutual funds shall be taken into account on cash basis.
Quoted current investments shall be valued at cost or market value whichever is lower. Unquoted investments in the units of mutual funds in the nature of current investments shall be valued at the latest Net Asset Value declared by the mutual fund in respect of each particular scheme.

Report

The Board of Directors shall report the investment portfolio of the Company on a quarterly basis.

Authorization:

The investment authorization under this policy may be exercised severally by Mr. P.Sathyanarayana Reddy,Managing Director or Mrs. Revathi Reddy, Director.

Exceptions
  • In exceptional circumstances, Managing Director and Chief Executive Officer may exercise powers beyond the investment limit in approved investment vehicles mentioned in this policy and seek ratification from the Board.
  • Margin money/security deposit with the lenders as part of the terms of sanction shall be out of the purview this Policy.
  • Investments in equity markets or capital market instruments of mutual funds shall not be attempted by the company due to the inherent market risk involved.
Review

The Board of Directors may review this policy as and when required to bring about changes required as per regulatory changes or business requirements.

RORS FINANCE PRIVATE LIMITED
KYC Policy

KYC documents to be obtained for every microfinance loan from client. We need to collect all KYC documents in A4 size.

All KYC original documents should be verified by the staff and collected such documents (Xerox copies) by authenticating the true copies. Name of the client in software and on all forms should be same as name in KYC document. We should mention the alias name if so along with the name as per KYC.

ID Proof (Mandatory)
  1. Adhar Card or any one of the following
  2. Election Identity card (Voter Card)
  3. PAN Card
  4. Driving License
  5. Passport
  6. Ration Card
Address Proof (Mandatory)
  1. Aadhar Card
  2. Passport
  3. Ration card
  4. Election Identity card
  5. Driving License
  6. Rental Agreement
  7. Bank / Post office pass book
  8. Residential certificate from Municipality/ Gram panchayath
Own House Proof (optional)
  1. Any utility bill such as electricity, Municipal tax receipt, water bill
  2. Registration document

RORS Finance Private Limited
CREDIT POLICY

Background

RORS Finance Private Limited credit is one of the most important services rendered by the company to its clients who largely belong to the weaker sections of the society. Further, interest income forms the single largest component of income to the company. As the company focused on Micro credit, there is a need to provide clear strategic direction in deployment of Credit. This Credit Policy attempts to provide a broad framework for deployment of credit under the guidelines forwarded by Reserve Bank of India from time to time.

Microfinance Loans

A minimum of 85% of the total assets will be maintained in the form of micro finance loans disbursed to the borrowers who fulfil the norms and eligibility criteria of the qualifying assets set by the RBI. Aggregate amount of loan given for income generation activity (IGA), is not less than 50% of the total loan given by the MFIs. The remaining 15% of the assets will be deployed in secured and more profitable loan schemes as decided and approved by the Board from time to time.

A. LOANS UNDER MICROFINANCE SCHEME:

Formation of Women JLG/ Individual Loans
  • RFPL follows a hybrid model of Joint Liability Group and Individuals. A JLG consists of 3-5 customers.
  • A detailed individual family survey will be conducted to ascertain their family background, occupation, duration of their stay in the area, weekly-assured income levels, neighbourhood opinion etc.,
  • Residential proof of their stay in the locality will be ascertained with documentary evidences like Election cards, ration card, Rent agreements, Electricity bill etc.,
  • Initially for 3 weeks all the details of the scheme will be explained to the member and her spouse.
  • The members will submit a request to the RFPL to provide them the loan indicating their acceptance to the terms and conditions of the scheme.
  • Loan disbursement and collections happen at group level on a mutually accepted date & time. As on date, RFPL is lending only to women and for income generation activities.
Eligibility criteria
  • Individuals or Active members of the Women JLG Groups are eligible to avail loans under the microfinance scheme.
  • Loans will be sanctioned normally to women members belonging to the economically backward sections of the society.
  • The family income of the member borrower should not exceed Rs.1,00,000/- in rural areas and Rs.1,60,000/- in urban and semi urban areas in order to become eligible to avail loans from RORS Finance Pvt ltd under microfinance scheme.
  • The total indebtedness of each of the company’s borrower does not exceed Rs.100000
  • The loan tenure is not less than 24 months when the loan size is above Rs.30000/- with borrower having the right to prepayment without penalty.
  • Loan amount does not exceed Rs. 60,000 in the first cycle and Rs. 1,00,000 in subsequent cycles .
  • The company’s loans to the borrower’s are not backed by any collateral.
  • The company’s loan is repayable by weekly/fortnightly/monthly as per the borrower’s choice.
  • The borrower must be married or should have crossed the marriageable age.
  • The borrower should be within the age group of 18 to55 years.
  • The borrower should be engaged in income generation activity and supporting their family.
  • Borrowers within the group should not be related to each other and there cannot be more than 2 relatives of the member in the same centre.
  • The first Loan under the microfinance scheme will be sanctioned to a member of the JLG Group only after 2 weeks from the date of enrollment.
  • The proposed borrower should not be a defaulter in another MFI/Bank/co-operative society
  • The member should not have borrowed from more than one MFI at the time of grant of the loan from the Company.
  • The borrower should not be a member in more than one JLG/SHG for eligibility of loans
  • The borrower should have sufficient repayment capacity to service her debts as evidenced by family income
The Process
  • A member can have Income Generation Loan (IGL) / sanctioned under the microfinance scheme.
  • Five women households will become one micro-financing group belonging to same street (J.L.G).
  • A detailed individual family survey will be conducted to ascertain their family background, occupation, duration of their stay in the area, weekly-assured income levels, neighbourhood opinion etc.,
  • Residential proof of their stay in the locality will be ascertained with documentary evidences like Election cards, adhar cards, ration card, Rent agreements, Electricity bill etc.,
  • On facilitating the affinity group, the group members will submit a request to the RFPL to provide them the loan indicating their acceptance to the terms and conditions of the scheme.
  • All the group members will sign the individual loan agreement.
  • Each group will have a name and serial number and all their photos will be affixed in the repayment cards for identification.
  • The subsequent loan to member will be considered only after the existing loan is repaid in full or an additional loan can also be provided based on proper approval and their repayment record.
  • The loans to members in the Group will be guaranteed mutually by the Group members.
  • The data entry and the Credit Bureau check are done at the branch level.
  • Vernacular application form provided by the company along with terms and conditions of loan/product.
  • The loans will be disbursed either by cash or by cheque.
  • Based on principal acceptance the borrower will be intimated in writing about time duration of disbursal or rejection of loan application
Loans products:
Product Name Loan Amount Loan Tenure Instalment Frequency Rate of Interest Processing fee
Group Loan 15000/- to 30000/- One year Weekly/ fortnightly/monthly 26% or with in 12% of margin cap 1% +applicable service tax
Individual Loan 40000/- to 100000/- Two years Weekly/ fortnightly/monthly 26% or with in 12% of margin cap 1% +applicable service tax

Individual loan eligibility: From second cycle with timely repayment of loan

Amount of the loan

* The total amount of loan per borrower shall not exceed Rs.30,000/- in the first cycle, and Rs. 100,000/- in the subsequent cycles. It will be ensured that the total indebtedness of a borrower at any point of time shall not exceed Rs. 100,000/-

Within the above limits, decision as to the number of cycles and the loan amount per cycle under the microfinance scheme will be decided at the branch with mutual acceptance/approval in the weekly staff meeting depending on the overall position of availability of funds. The decision will be reviewed periodically.

Security

* For loans under the microfinance scheme, no collateral security will be taken.

* The loans will be guaranteed mutually by the members of the Group in the group.

* No security deposit will be collected for the loans sanctioned under microfinance scheme

Margin

No margin will be collected for the loans sanctioned under microfinance scheme.

Rate of Interest

* The Annual rate of interest charged on loans shall not exceed 12% over the cost of borrowing per annum on the diminishing balance and at no time it should not be more than 26% per annum.

* The rate of interest to be charged on the borrowers will be revised periodically to ensure that the net interest margin (NIM) does not exceed 12%.

* No penalty will be collected for prepayment or delayed payment of loans.

Processing fee

A Processing fee 1% of the gross loan amount will be collected upfront along with applicable service tax.

Insurance

* Suitable insurance cover will be obtained for borrower/spouse/ bread earner’s life with insurance companies.

* The insurance premium and administrative charges if any as per IRDA guidelines will be recovered from the borrower at cost.

Transparency of terms and conditions

* Group training will be provided to each group

* Every borrower would be explained the terms of credit to enable her to make informed choices.

* On sanction of loans by the company, all terms and conditions would be informed to the borrower by issuing a sanction letter detailing the terms and conditions.

Documentation & sanction of loan:

Demand Promissory Note will be obtained from the borrower and the co-borrower/guarantor. This will be kept attached with the Loan Application Form which will contain the recommendation of the Branch Manager/Regional co-ordinator and sanction under by the competent authority/loan sanction authority.

Disbursement:

The disbursement of the loans will be made at the field level / branch in the presence of at least two staff members of the company.

The disbursement of loan either by cash or by cheque.

All the receipts of money will be dully acknowledged by receipts

Payment of insurance charges and processing charges at the time of disbursement of loan

Loan repayment:

* The loans will be repaid together with accrued interest by the members in equated weekly/fortnightly /monthly instalments at the choice of the members.

* The members will indicate the choice of the repayment periodicity such as weekly, fortnightly or monthly in the loan application itself.

* There will be repayment holiday of a minimum of one week for weekly and two weeks for fortnightly modes of repayment, and four weeks for monthly repayment mode.

* The period available for repayment of the loans up to Rs.30000/- will be less than or equal to 12 months, and for loans in excess of Rs.30000/- will not be less than 24 months.

* All borrowers would be issued a loan card and repayments would be recorded in the loan card with authentication from an authorized employee.

*The borrowers will also be issued cash receipts for payments received.

* Loan agreement copy will be provided to the clients and after clearing the loan, if required clearance certificate will be issued.

Verifying Utilization and Follow up

Loans granted under various schemes will be followed up through field visits to confirm utilization by the field staff with in 30 days of disbursement.

The Regional co-ordinators will randomly (10% of disbursed applications) check the utilization.

The internal auditors will randomly verify the end use during field visits

GENERAL:

* Loans will not be sanctioned for purposes which are against the general interest of the community.

* No loan will be sanctioned for Activities which are detrimental to the national interest.

* The policy guidelines should be followed meticulously by all concerned.

* The policy would be reviewed by the Board from time to time to reflect changes in the regulatory environment and accommodate any policy change.

OPERATIONAL MANUAL

1. Introduction

Purpose:

RORS FINANCE PVT LTD Operational Policy and Manual serves to provide guidelines to management and field staff at both the head office and branch offices. This document is intended to strengthen the overall management capacity of RORS FINANCE PVT LTD and to ensure high quality loan portfolio through the application of standard microfinance practices. It provides operational guidelines to deal with external agencies – such as financial institutions and clients—as well as operational manual for internal reference – RORS FINANCE PVT LTD employees and the Board. The policies and procedures mentioned in this document are to be applied to every step of operations at RORS FINANCE PVT LTD. All RORS FINANCE PVT LTD employees share responsibility for ensuring that operations are fully in compliance with the policies and procedures laid down in this document. Detection of instances of Non-compliance and a continuation of non-compliance will constitute grounds for a reprimand and could lead to dismissal. The Internal Audit and Risk Management Department should work closely with the management in dealing with the cases of non-compliance. Although this policy and manual should stand the test of time, it may be modified to reflect the legislative, political and economic changes of India and its microfinance industry. Such modifications should be made only under the approval of the RORS FINANCE PVT LTD Board, after consideration of its full effect on existing and future clients and business.

Organization

RORS is a private microfinance institution started in April 2010 in Srinivasapura in Kolar district, Karnataka, India. The mission of the Organization is “to reach the unreached low income communities with financial and business solutions in a socially, economically and environmentally sustainable manner through the efficient use of capital, technology and human resources”. A combination of servicing methodologies is being explored with an ultimate objective of ‘no bankable poor are left behind’ in the areas of operation. The company is promoted by a seasoned microfinance and development professionals.

2. CREDIT POLICY

Background

RORS Finance Pvt Ltd strives to empower the poor and the marginalized in the society by providing access to financial services with emphasis on economic development, financial discipline and improvement in their living standards.

Credit is one of the most important services rendered by the company to its clients who largely belong to the weaker sections of the society. Further, interest income forms the single largest component of income to the company. From the risk perspective, credit requires the undivided attention and understanding of all concerned. As a company focused on Micro credit, there is a need to provide clear strategic direction in deployment of staff, monitoring their performances & risk mitigation. This Credit Policy attempts to provide a broad framework for deployment of credit.

Objective of the Policy

The Credit Policy is designed to give broad direction to the Company in achieving its organizational goals keeping in mind, the needs of its customers, the regulatory guidelines and the interest of the company.

Principles
  • To help the poor, particularly women, to improve the living status through small but decisive financial interventions through microcredit.
  • Provide Microcredit at the doorstep of the clients.
  • Make available collateral-free loans under microcredit
  • Relying on social collateral, household survey and through group and individual family monitoring.
  • All loans to be repaid with interest in weekly/fortnightly/semi-monthly/monthly installments
  • Continuous engagements with clients and building Social Capital

Credit Deployment

Microfinance Loans

A minimum of 85% of the total assets will be maintained in the form of micro finance loans disbursed to the borrowers who fulfil the norms and eligibility criteria of the qualifying assets set by the RBI. Aggregate amount of loan given for income generation activity (IGA), is not less than 50% of the total loan given by the MFIs. The remaining 15% of the assets will be deployed in secured and more profitable loan schemes as decided and approved by the Board from time to time.

LOANS UNDER MICROFINANCE SCHEME:

Formation of Women JLG/ Individual Loans
  • RFPL follows a hybrid model of Joint Liability Group and Individuals. A JLG consists of 3-5 customers.
  • A detailed individual family survey will be conducted to ascertain their family background, occupation, duration of their stay in the area, weekly-assured income levels, neighbourhood opinion etc.,
  • Residential proof of their stay in the locality will be ascertained with documentary evidences like Election cards, ration card, Rent agreements, Electricity bill etc.,
  • Initially for 3 weeks all the details of the scheme will be explained to the member and her spouse.
  • The members will submit a request to the RFPL to provide them the loan indicating their acceptance to the terms and conditions of the scheme.
  • Loan disbursement and collections happen at group level on a mutually accepted date & time. As on date, RFPL is lending only to women and for income generation activities.
Eligibility criteria
  • Individuals or Active members of the Women JLG Groups are eligible to avail loans under the microfinance scheme.
  • Loans will be sanctioned normally to women members belonging to the economically backward sections of the society.
  • The family income of the member borrower should not exceed Rs.1,00,000/- in rural areas and Rs.1,60,000/- in urban and semi urban areas in order to become eligible to avail loans from RORS Finance Pvt ltd under microfinance scheme.
  • The total indebtedness of each of the company’s borrower does not exceed Rs.100000
  • The loan tenure is not less than 24 months when the loan size is above Rs.30000/- with borrower having the right to prepayment without penalty.
  • Loan amount does not exceed Rs. 60,000 in the first cycle and Rs. 1,00,000 in subsequent cycles .
  • The company’s loans to the borrower’s are not backed by any collateral.
  • The company’s loan is repayable by weekly/fortnightly/monthly as per the borrower’s choice.
  • The borrower must be married or should have crossed the marriageable age.
  • The borrower should be within the age group of 18 to55 years.
  • The borrower should be engaged in income generation activity and supporting their family.
  • Borrowers within the group should not be related to each other and there cannot be more than 2 relatives of the member in the same centre.
  • The first Loan under the microfinance scheme will be sanctioned to a member of the JLG Group only after 2 weeks from the date of enrolment.
  • The proposed borrower should not be a defaulter in another MFI/Bank/co-operative society.
  • The member should not have borrowed from more than one MFI at the time of grant of the loan from the Company.
  • The borrower should not be a member in more than one JLG/SHG for eligibility of loans.
  • The borrower should have sufficient repayment capacity to service her debts as evidenced by family income
The Process
  • A member can have Income Generation Loan (IGL) / sanctioned under the microfinance scheme.
  • Five women households will become one micro-financing group belonging to same street (J.L.G).
  • A detailed individual family survey will be conducted to ascertain their family background, occupation, duration of their stay in the area, weekly-assured income levels, neighbourhood opinion etc.,
  • Residential proof of their stay in the locality will be ascertained with documentary evidences like Election cards, adhar cards, ration card, Rent agreements, Electricity bill etc.,
  • On facilitating the affinity group, the group members will submit a request to the RFPL to provide them the loan indicating their acceptance to the terms and conditions of the scheme.
  • All the group members will sign the individual loan agreement.
  • Each group will have a name and serial number and all their photos will be affixed in the repayment cards for identification.
  • The subsequent loan to member will be considered only after the existing loan is repaid in full or an additional loan can also be provided based on proper approval and their repayment record.
  • The loans to members in the Group will be guaranteed mutually by the Group members.
  • The data entry and the Credit Bureau check are done at the branch level.
  • Vernacular application form provided by the company along with terms and conditions of loan/product.
  • The loans will be disbursed either by cash or by cheque.
  • Based on principal acceptance the borrower will be intimated in writing about time duration of disbursal or rejection of loan application
Loans products:
Product Name Loan Amount Loan Tenure Instalment Frequency Rate of Interest Processing fee
Group Loan 15000/- to 30000/- One year Weekly/ fortnightly/monthly 26% or with in 12% of margin cap 1% +applicable service tax
Individual Loan 40000/- to 100000/- Two years Weekly/ fortnightly/monthly 26% or with in 12% of margin cap 1% +applicable service tax

Individual loan eligibility: From second cycle with timely repayment of loan

Amount of the loan
  • The total amount of loan per borrower shall not exceed Rs.30,000/- in the first cycle, and Rs. 100,000/- in the subsequent cycles. It will be ensured that the total indebtedness of a borrower at any point of time shall not exceed Rs. 100,000/-
  • Within the above limits, decision as to the number of cycles and the loan amount per cycle under the microfinance scheme will be decided at the branch with mutual acceptance/approval in the weekly staff meeting depending on the overall position of availability of funds. The decision will be reviewed periodically.
Security

* For loans under the microfinance scheme, no collateral security will be taken.

* The loans will be guaranteed mutually by the members of the Group in the group.

* No security deposit will be collected for the loans sanctioned under microfinance scheme

Margin

No margin will be collected for the loans sanctioned under microfinance scheme.

Rate of Interest

* The Annual rate of interest charged on loans shall not exceed 12% over the cost of borrowing per annum on the diminishing balance and at no time it should not be more than 26% per annum.

* The rate of interest to be charged on the borrowers will be revised periodically to ensure that the net interest margin (NIM) does not exceed 12%.

* No penalty will be collected for prepayment or delayed payment of loans.

Processing fee

A Processing fee 1% of the gross loan amount will be collected upfront along with applicable service tax.

Insurance

*Suitable insurance cover will be obtained for borrower/spouse/ bread earner’s life with insurance companies.

* The insurance premium and administrative charges if any as per IRDA guidelines will be recovered from the borrower at cost.

Transparency of terms and conditions

* Group training will be provided to each group

* Every borrower would be explained the terms of credit to enable her to make informed choices.

* On sanction of loans by the company, all terms and conditions would be informed to the borrower by issuing a sanction letter detailing the terms and conditions.

Documentation & sanction of loan:

Demand Promissory Note will be obtained from the borrower and the co-borrower/guarantor. This will be kept attached with the Loan Application Form which will contain the recommendation of the Branch Manager/Regional co-ordinator and sanction under by the competent authority/loan sanction authority.

Disbursement:

The disbursement of the loans will be made at the field level / branch in the presence of at least two staff members of the company.

The disbursement of loan either by cash or by cheque.

All the receipts of money will be dully acknowledged by receipts

Payment of insurance charges and processing charges at the time of disbursement of loan

Loan repayment:

* The loans will be repaid together with accrued interest by the members in equated weekly/fortnightly /monthly instalments at the choice of the members.

* The members will indicate the choice of the repayment periodicity such as weekly, fortnightly or monthly in the loan application itself.

* There will be repayment holiday of a minimum of one week for weekly and two weeks for fortnightly modes of repayment, and four weeks for monthly repayment mode.

* The period available for repayment of the loans up to Rs.30000/- will be less than or equal to 12 months, and for loans in excess of Rs.30000/- will not be less than 24 months.

* All borrowers would be issued a loan card and repayments would be recorded in the loan card with authentication from an authorized employee.

* The borrowers will also be issued cash receipts for payments received.

* Loan agreement copy will be provided to the clients and after clearing the loan, if required clearance certificate will be issued.

Verifying Utilization and Follow up

Loans granted under various schemes will be followed up through field visits to confirm utilization by the field staff with in 30 days of disbursement.
The Regional co-ordinators will randomly (10% of disbursed applications) check the utilization.
The internal auditors will randomly verify the end use during field visits

GENERAL:

* Loans will not be sanctioned for purposes which are against the general interest of the community.

* No loan will be sanctioned for Activities which are detrimental to the national interest.

* The policy guidelines should be followed meticulously by all concerned.

* The policy would be reviewed by the Board from time to time to reflect changes in the regulatory environment and accommodate any policy change.

 

  • Group Loans
  • Individual Loans
  • Other Loans
  • Services
  • ADDRESS

    No.280, Ramakrishna Extension
    SRINIVASAPUR – 563 135
    Kolar Dist, Karnataka

  • PHONE NO

    08157 – 246278

  • EMAIL ID

    info@rors.in