tailieunhanh - OPERATIONS & SERVICES DEPT HEAD OFFICE,BARODA

Funding conditions at European banks improved following special policy measures introduced by central banks around the beginning of December. Before that time, many banks had been unable to raise unsecured funds in bond markets and the cost of short-term funding had risen to levels only previously exceeded during the 2008 banking crisis. Dollar funding had become especially expensive. The ECB then announced that it would lend euros to banks for three years against a wider set of collateral. Furthermore, the cost of swapping euros into dollars fell around the same time, as central banks reduced the price of their international. | POLICY ON BANK DEPOSITS Approved by Board vide agenda item O-2 in its meeting dated Operations Services Dept. Head Office Baroda Date POLICY ON BANK DEPOSITS 1. PREAMBLE One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. In fact depositors are the major stakeholders of the Banking System. The depositors and their interests form the key area of the regulatory framework for banking in India and this has been enshrined in the Banking Regulation Act 1949. The Reserve Bank of India is empowered to issue directives advices on interest rates on deposits and other aspects regarding conduct of deposit accounts from time to time. With liberalization in the financial system and deregulation banks are now free to formulate deposit products within the broad guidelines issued by RBI. This policy document on deposits outlines the guiding principles in respect of formulation of various deposit products offered by the Bank and terms and conditions governing the conduct of the account. The document recognizes the rights of depositors and aims at dissemination of information with regard to various aspects of acceptance of deposits from the members of the public conduct and operations of various deposits accounts payment of interest on various deposit accounts closure of deposit accounts method of disposal of deposits of deceased depositors etc. for the benefit of customers. It is expected that this document will impart greater transparency in dealing with the individual customers and create awareness among customers of their rights. The ultimate objective is that the customer will get services they are rightfully entitled to receive without demand. While adopting this policy the bank reiterates its commitments to individual customers outlined in Bankers Fair Practice Code of Indian Banks Association. This document is a broad framework under which the rights of common depositors are recognized. Detailed .