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Operations in asset offices are done at three levels: Local Operations at the branch LOPS Regional operations - ROPS Central Operations - COPS Operations in branch offices of retail assets o o o o o Customer Details Verification Customer Account Set-up Disbursement of loan Repayment Receipts Customer Interaction
The three major functions that are performed in the local branch office are Disbursement Customer service Banking transaction
* Sanction is a separate process for Mortgage Loans. In case of Consumer Loans Sanction and Disbursement are a combined process
Customer Service
Customer Service
FCRM Query Management Branch resolves the query Documents dispatched to customer based on the query FCRM request closed with remark
The operations that are done at the regional and central operations office are: o o o o Customer Account Detailed Data Entry Document Storage Repayment Instruction Processing Accounting Entries
o o o
Transaction Processing
Servicing
Storage
Transaction processing
2 3 4
1.Booking of loans in system. 2. Repayment mode updation 3. Verification and updation of Post disbursement documents 1. Backend processing for all customer service requests like,welcome letter despatch, repayment mode changes, termination of accounts, IT certificates, refunds Collection a/c for the respective regions decentralised to the respective rops Storage of all loan files - Retention and Retrieval to service both internal and external customers.
Central Operations (COPS) Repayment PDC Factory Accounts & Bank Reconciliation Audit, Compliance & Process
Repayments Repayment Modes Post Dated Cheques (PDC) Auto Debit ECS DAS Billing
Repayments team takes care of the following 1.Execution of auto debit for ICICI bank customers 2. Providing execution file to Bill Junction for ECS cases. 3. Providing data to corporates for DAS cases in coordination with the concerned LOPS/Business team 4.Sending due intimation letters to customers for billing cases and also providing information to collection team. Publishing of various mis like, debtors, due dump etc to business, collxns, Heads
PDC Factory All PDCs are stored Location wise PDCs are pulled out a week before the due date Batches of 200 cheques are prepared for banking Batches are sent to the Asset Branches The cheques are banked on the due dates Return cheques received are sent to the PDC factory back and are stored centrally Accounts & Bank reconciliation Maintaining books of accounts for Retail Asset Business Ensuring accurate reconciliation of all bank and office accounts handled by Retail Assets Ensuring accuracy of vouchers generated and correct reflection in financial books Audit Compliance and Process Evaluation of New Processes for feasibility, operational risk, system availability, policy and compliance Approval from Process owners and Policy team for changes System and Documentary change requirement initiated Feedback sought from end user Process finalised and rolled out
CIT Operations ( Cash in transit) Local Outstation Security Physical Electronic Gadgets Reports and Returns
ICMC support to branches: Movement of cash to and From Branches Excess cash remittance: Corporate office has fixed the cash retention limit for each branch. Branches have to remit the excess cash to ICMC so as to maintain their balance within the retention limit. ICMC van picks up cash from branches. Cash requirement: Branches also require cash incase of heavy withdrawal request from customers. In this case, ICMC moves cash to the branch in need of cash. Supply of FAST cash: ICMC prepares cash notes of smaller denominations 50s, 20s and 10s in packets and supplies to branches based on their indent. FAST cash is used by branches for making payment. Cash payment can be done faster with fast cash as it does not require checking or double counting. Accuracy is also ensured as the cash is in sealed packets. Cash processing function of ICMC: Receive the cash inward from various branches Process the cash through the cash sorting machine. Cash is sorted into ATM fit, issuable and non issuable notes. ATM fit notes are collected , prepared in sections of 100 and are stored for supply to ATMS on a daily basis. Packets of issuable notes are prepared and stored for issue to branches. Non issuable notes and soiled notes are stored separately and remitted to RBI Cash Movement: ICMC moves cash to and from major branches at regular timings. Branches which have regular cash remittance to ICMC have daily pickups at a specific time during the day. ICMC thus optimizes the movement of van as the regular trips are planned. The security factor is also taken care of as ICMC sends the cash through authorized officials accompanied by armed security guards in vehicles . ICMC also coordinates cash movement to outstation standalone branches.
Expectations from branches for efficient handling of cash Branches to ensure: Daily MIS on Cash holding and Cash surplus Remit surplus/ maximum cash to ICMCs Ideally utilise ICMC processed cash for payments Prepare surplus cash for timely handover to CIT Identify remitted cash branch-wise and lot-wise Ensure no stapled/stitched/gum taped packets are remitted to ICMC Encourage high denomination receipts and small/ mixed denomination payments to customers Share load of coins Adhere to Clean Note Policy to avoid penalty from RBI Expectation of RBI from ICMCs ICMC to play the role of RBI- shifting retail business to commercial banks Implementation of Clean Note Policy Enhanced participation in exchange of mutilated notes with general public- display notices Handling of Coins of all denomination Compulsory sorting of soiled notes and preventing re-issue Strict compliance of RBI directives for operation of ICMCs and submission of reports and returnsHeavy penalty for non-compliance of RBI instructions Online Management Information System- ICCOMS Expectation of RBI from branches: Services to be provided by branch to customers and non- customers Acceptance of notes and coins for exchange Acceptance of soiled, dirty and mutilated notes for exchange Acceptance of non current and withdrawn coins Acceptance of mutilated notes under RBI NRR Display of suitable notice regarding the above Issue only issuable currency ICMC supports branches in providing the above services as directed by RBI
ICMC has helped in increasing efficiency of operations at branches and effective cash management for the organization. The improvement in ratio of cash holding to demand deposit as a result of ICMC operations is shown below:
Road Travelled
Ratio of Cash holding to Demand Deposit
12.00 10.00 8.00 6.00 4.00 2.00 0.00 Jan'05 Nov Nov March'03 March'04 July July March May May May July Sep Sep Nov Jan %
9.84%
2
6.02%
7 12 21
2.06% 2.46%