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LOAN ON GOVERNMENT SECURITIES
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1) The General Manager/Manager/Branch Manager is their absence, any other Officer authorized by the Board may advance such loans. Such loans should be got satisfied in the next Board Meeting.
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2) The person in whose name N.S.C. K.V.P stands, shall apply to the Bank in the prescribed form together with N.S.C and K.V.P duly discharged. The transfer form prescribed by the postal department should be brought by the borrower (holder)
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3) Transfer form should be filled in all particulars of certificates to be pledged to the Bank and should be signed by the manager. Then, the transfer form along with certificates duly signed by the holder should be sent to Post Office for proper endorsement and assignment in the name of the Bank.
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4) The sanctioning authority of the Bank may put additional terms and conditions while disbursing loans against N.S.C/K.V.C to the borrower, if it is deemed necessary.
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5) Document : The following document should be taken for the loan against N.S.C/K.V.P
i) Demand Promissory Note
ii) Continuing Security Letter
iii) Pledge Deed
iv) Letter of Lien and Set Off
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6) If the borrower default in repayment of the loan amount with interest and other expenses within prescribed time or the advance against these securities remains outstanding on the day of maturity of these certificates, the Bank is entitled to get recovered the amount from the concerned post offices and be adjusted to the outstanding dues.
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