BHARAT SANCHAR NIGAM LIMITED To All Circles' IFA DGM (BF_rrr)

BHARAT SANCHAR NIGAM LIMITED
(A Govt. of India Enterprise)
CORPORATE OFFICE (Banking Finance Division)
5th Floor, Bharat Sanchar Bhavan, Harish Chandra Mathur Lane
, Janpath,
New Delhi-110001
No: - 1 -9lBBF/Staff Loan/ I l -12
To
All Circles' IFA
Dated:30-05-2011
MOU with Indian Bank for extending various loans to BSNL employees has been
signed on26-05-2011. The general terms and conditions and details of tui*r of interest
are given in Annexure-B. It may be ensured that necessary action is taken by the
concerned regarding the provisions of the clause at sl No 12 of Mou.
A copy of the agreement has been placed on our intranet site
www.intraneJ'bsnl.co.j[ under head Director (Fin) and sub-head Budget & Finance
Control.
Encl: Copy of agreement
r\
D€) J1 \
(S.Janardhan Srudny)
DGM (BF_rrr)
Phone 0ll-23329670
Fax 0l l-23734033
Copy to:
lle -Qeleral Manager, Indian Bank, zonaloffice, circle office, upper Ground Floor,
world Trade centre, Babar road, New Delhi - 110001 for informaiion please.

fqffr DELHr
MEMORANDUM OF UI'IDERSTAI\DTNG
E THiS V{EMORANDUM OF'UNI}ERSTANDING
is matle as *f ttris{Ulof\zOrr.
BETWEEN
i'1,'s' Bharat Sanchar Nigan: I-imited r itSNL;, a comparu, incorporated under the Co'rpa'ies
Act. I955. having its registered officr;icorporate oflice at 3'd Floor, Bharat Sanchar Bliawan,
liilr"isir Chandra V{athur [-ane. Jarrpath, New Delhi-l10001, through Mr. S. Janardhan Sr.vamy.
L)1'. Generai Manager. (duly autirorised to enter inio the present MOU). hereinafter referred to
as " BSNL" (which term shali mean and include rts :;uccessors in title. subsidiaries, associates.
affiliates, and assigns) of the ON$l PAR.T
AND
Indian Bank a body corporate.
'{'i:ansfer
constituted rmder the Banking Cornpanies (AcqLrisition &
of Underlaking) Act, 1970, having its head oflice at:66, nala;l Salai . Chennai -
6U0001 , through lVIr. G. Sudhaka"r, Generai r\zlanager I Zonal Vanager New Delhi, (duly
authorised to enter into the present ,\,4{.}tj). }rereinaiier ref'errecl to as "Bank" (r.l,hich term shall
mean aud include its successois iii iilie" sr-rb:iidiaries. tissociates. affiliares. ancl atsigns) of-rhe
OTHER PART.
BSNL and Bank are colleoiively l'elir"rr:d
tcr as "riie Lral.tiii:;".
\VHER.trAS:
P 0941 51
i. vl/s. Bharaisairchal
Niganr I-inrited (FJSNL) is a corrrpany incorporateij uncler r-he
CompaniesAct,
195ii and has its registeied office/corporate office at 3'd Floor.
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4.
Bharat Sanchar Bhawan, Harish Chandra Mathur Lane, Janpath, New Delhi-
110001. BSNL is the largest telecom operating company in India having 3.2 lakhs
employees across the country.
2. To benefit its employees, BSNL desires a Special Loan Package for its entire staff
strength on All India basis.
3. In pursuance of the above, vide letter no. l-9lBBF/Staff Loan/20l0-11 dated
03.08.2010, BSNL invited Bank's proposal for various loans facilities for its
employees on all India basis.
Vide letter no. ZOlCCll745l20I0-11 dated 29.03.2011 Bank submiued its
proposal incorporating the basic terms amd conditions governing the loan along
with the specimen copies of the agreements/documents required to be signed by
BSNL's employee(s) (hereinafter referred to as the "Borrower(s)") at the time of
taking the loan.
5. Consequently, Bank has, at the request of BSNL, agreed in principle to lend and
provide loan facilities to BSNL employees/Bonower(s).
6.
The Loan will be evidenced by the Loan Agreement and other Loan Documents
(hereinafter referred to as the "Loan Documents") to be executed between Bank
and Borrowers. In consideration of the loan facilities, the parties have agreed to
execute the present Memorandum of Understanding on the terms and conditions
mentioned below:
NOW THIS DEED WITNESSETH AS FOLLOWS:
1. That Bank shall grant the loan to BSNL's employee(si under the various head as
per their requirement and the same are as follows:
(a) Housing Loan including Repair/Renovatior/Addition/Alteration Loan &
Home Improvement Loan.
(b) Vehicle Loan ( 2- Wheeler/ 4 wheeler )
(c) Personal Loan
(d) Educational Loan
(e) Clean Loan to Salaried Class
The loans under the various heads as mentioned above are collectively referred
to as the "loan facilities".
2. That the Purpose of loan, Maximum amount, Margin Money, Multiple of salary,
Recovery of installments (EMl+Interest) and Eligibility etc. w.r.t. the loan
facilities applicable in respective cases are annexed herewith as Annexure - I.
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3. That the general terms and conditions are annexed herewith as Annexure - II.
4. That the Financial Quotations i.e. Floating Rate of Interest for the loan facilities
applicable in respective cases are annexed herewith as Annexure - III.
5. In respect of Education Loans, the same shall be as per EL scheme nonns of the
bank.
6. That the loan facilities shall be sanctioned by the appropriate authorities of the
Bank with all the agreed concessions
and relaxations.
7. That the maximum limits for the loan facilities are subiect to the income/repaying
capacity of Borrowers.
8' That the security for the loan facilities shall be as applicable on the respective
schemes.
9. That salary mandate to be registered by BSNL for recovery of installments from
the salaries of Borrowers and remittance to the respective branches.
10' That minimum net take home salary of 25Yo shall be maintained after meeting the
loan installments.
11- That the loan shall be sanctioned in such a manner that at no stage the net take
home salary after meeting loan installment is less than 25Yo of the gross salary
after meeting all liabilities/deductions viz. GPF,EMI, Income Tax, Iniurance etc.
In case of reemployed persons/persons employed on compassionate ground,
pension of employee shall be included for calculating25%.*ry ho-" salary.
12. " That in case of transfer of the borrower, BSNL undertakes to inform the
financing Branch of the bank BSNL also undertake to inform the Loan details of
the borrower to the Zone to which the borrower has been transferred , for such
Zonal Office to register the salary mandate for recovery of installments from the
the borower and for onward
:llfly^"f
remittance of the recovered EMI latest by
10"'of each Month without fail.
13. That in case of retirement/resignation/termination/death of Borrower, BSNL
undertakes not to release terminal benefits without obtaining prior written ,No
objection certificate" from the financing branch of Bank.
14. That the Bank shall not charge processing charges on the loan.
15' That the Bank shall charge the interest on monthly rests on the daily reducing
balance basis. nfo-sgust pay the recovered amouniof EMI from the salary of the
employee latest by lOth of each month without fail. When the concerned
lbO has
f_udt payment within due time, Bank shall not pass on interest charges to the
borrowers owing to delay on bank's behalf.
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16. That Bank shall not charge penal interest for prepayment/foreclosure of loans in
case the employee pays back the loan from his/her own sources. In case loan is
taken over by other bank/institutions prepayment penalty @ 2 % p.a. for the
outstanding loan amount will be levied.
lT.Thatrepayment shall commence one month after disbursal of the loan.
18. That this deed shall be binding upon the parties, their successors and assigns.
19. That any notice, demand or request under this deed shall be in writing, and shall be
delivered by personal service or shall be sent by postage prepaid, registered or
certified mail, telexed, telecopied or sent by person or overnight courier return
receipt requested, addressed, ifto the parties, at the respective address set forth in
the heading of this deed, or at such other address as the addressee may designate in
writing. Each notice, demand or request hereunder shall be deemed given on the
date it is delivered, in the case of personal service, or the date it is deposited with
the Postal Service, in the case of certified or registered mail.
20.That the parties shall hereby irrevocably submit to the exclusive jurisdiction of the
Court and Tribunals in New Delhi for purposes of any suit, action or other
proceeding which relates to this deed.
2l.That no amendment, notification or release from or waiver of any provision hereof
shall be effective unless in writing and signed by the parties.
22.That this deed may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same
instrument.
23.That this deed and the rights and obligations hereunder shall be construed in
accordance with and governed by the substantive laws of India.
24.1f any provision hereof is found by a court of competent jurisdiction to be
prohibited or unenforceable it shall be ineffective only to the extent of such
prohibition or unenforceability, and such prohibition or unenforceability shall not
invalidate the balance of such provision to the extent it is not prohibited or
unenforceable, nor invalidate the other provisions hereof.
25.In the event of any dispute or difference relating to; arising from or connected with
this MOU, such dispute or difference shall be referred by either party to the
arbitration of one of the Arbitrators in the Department of Public Enterprises to be
nominated by the Secretary to the Government of India, in charge of Bureau of
Public Enterprises. The Arbitration and Conciliation Act 1996 shall not be
applicable to the Arbitration under this clause. The award of the Arbitrator shall
be binding upon the parties to the dispute, provided, however, any party aggrieved
by such award may make a further reference for setting aside or revision of award
to the Law Secretary, Department of Legal Affairs, Ministry of Law & Justice,
Govemment of India, Upon such reference, the dispute shall be decided by the
lb

Law Secretary, whose decision shall bind the parties finally and conclusively. The
parties in the dispute will share the cost of arbitration as intimated by the Arbitrator.
26. That the bank shall nominate at least one branch ( in case there are more than one
branch of the bank) at every centre for sanction, payment of loan and repayment of
EMI recovered by BSNL. This MOU shall be binding upon both the parties on all
India level.,..r
27, Either party can terminate the MOU by giving a notice of 90 days in writing.
HOowevero all the clauses of the MOU shall be binding and enforceable in respect of
outstanding loans and interest on the date of termination irrespective of such
termination.
28. All other terms and conditions as per MOU shall be applicable on both the parties.
29. This agreement is valid upto af\ of'l 4c\l .
IN WITNESS WHEREOF, the parties have caused their respective Common
Seal to be affixed to these presents on the day, month and year first herein above
written. at New Delhi.
M/S. BHARAT SANCHAR NIGAM LIMITED INDIAN BANK
Deputyoffi#r.'
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