Home >> Frequently Asked Questions FAQ >> FAQs - Making Headway towards Business Ready

Generalised FAQs (inclusive, but not exhaustive):

I. How is processing of a Corporate loan taken care of?

We have different types of Credit Facilities for customers to be a part of their success stories. The following link shall provide you a quick glance of the products and facilities:

a) Designed to cater the requirements of both - Individuals as well as for Business.

b)  Based on the Type of the Credit Facility, the FAQs shall broadly outline:

i) Features

ii) Eligibility

iii) Purpose

c) Outlined documents required for the purpose are:

i) Brief Profile of the unit, management, Key persons, Industry etc.

ii) Details of associates, brief profile of the associates, their banking arrangement & financials of the associates for the last year.

iii) Copies of Statutory approvals viz. License/ approval from regularity authority, Pollution Control Certificate, GST / VAT registration, etc.

iv) Documents, licenses etc which are required based on the nature of the business entity such as manufacturing, trading, export-import, IT, service sector, etc.

d) Upon selection of the Facility type, customers may visit the nearest Branch and get further detailed information regarding:

i) Quantum of Loan

ii) Documents required

iii) Turnaround time if all other stipulated Banks's guidelines are met.

Link - https://www.iob.in/Loans-and-Advances-> Go to CORPORATE tab

II. What are the measures taken towards Customer - Friendly Technologies

We have developed several tools in line with the latest technologies that cater the needs of wide range of customers including the following facilities:

a) Digital Banking

b) Online Locker availing facility

c) 'My Account My Name'

d) Scheme Updation of Savings account

e) Death claim settlement with nomination

f) Insurance

g) Mutual funds

h) Transfer of Savings account

i) Customer online OTS application

j) Video based Life Certificate

k) Aadhar based facial authentication for KYC compliance.

The link is - https://vkyc.iob.in/customerVkyc/#/digitalAccount

III. What are the requirements of Credit facilities for MSME sector?

We have different types of Credit Facilities for customers to be a part of their success stories. The following link shall take you through a gist tour of the products and facilities:

a) Designed to cater the requirements of both - Individuals as well as for Business.

b) Bank has MSME products like - IOB - SME Easy , SANJEEVINI PLUS, IOB - TEJAS, SME ADD ON, SME CONTRACTOR, MSME INSTAFUND, IOB CA, IOB MAHILA SAMRIDDHI, IOB GUARANTEE PLUS etc.

c) Based on the Type of the Credit Facility, the FAQs shall broadly outline:

i) Features

ii) Eligibility

iii) Purpose

d) Loans between Rs.10.00 lakhs to Rs.10.00 Cr are being sanctioned to women borrowers for establish construct work shed / factory premises and purchase of plant & machinery, equipment etc. To upgrade/expand/ modernise the existing unit under IOB Mahila Samriddhi Scheme. In respect of women beneficiary/ borrower, additional interest rate benefit is given in many products like IOB MAHILA SAMRIDDHI, IOB SAGARLAKSHMI etc.

e) Upon selection of the Facility type, customers may visit the nearest Branch/call the Toll-free number provided, and get further detailed information regarding:

i) Quantum of Loan

ii) Documents required

iii) Turnaround time if all other stipulated Banks's guidelines, in line with the norms of the Governmental authorities are met.

Link - https://www.iob.in/Loans-and-Advances-> Go to MSME tab

IV. What are the Credit facilities for Start-ups ?

We have different types of Credit Facilities for customers to be a part of their success stories. The following link shall take you through a gist tour of the products and facilities:

a) Designed  to cater the requirements of both - Individuals as well as for Business.

b) Based on the Type of the Credit Facility, the FAQs shall broadly outline:

i) Features

ii) Eligibility

iii) Purpose

Upon selection of the Facility type, customers may visit the nearest Branch/call the Toll-free number provided, and get further detailed information regarding:

i) Quantum of Loan

ii) Documents required

iii) Turnaround time if all other stipulated Banks's guidelines, in line with the norms of the Governmental authorities are met.

c) Bank offers facilities to cater the requirements of Start-ups like IOB Pragati.

Link - https://www.iob.in/Loans-and-Advances -> Go to MSME tab -> Choose 'Loans' option

V) What are the measures being taken by the Bank to enhance Workplace Environment portraying better Gender Diversity?

a) Gender sensitivity and inclusiveness have always been the cornerstone of our Bank's policies. Women employees are employed across all geographies at various levels of hierarchy.

b) Bank has a focal point (Individual/ Committee) responsible for addressing human rights related impacts or issues. The Bank upholds the principle of Human Rights in all its dealings.

c) Further, the Bank has Whistle Blower Policy in place for addressing any concerns or grievances regarding discrimination, harassment or unethical behaviour. The Bank has framed guidelines for prevention, prohibition & redressal of sexual harassment of women staff members based on the provisions of "The Sexual Harassment of Women at workplace (Prevention, Prohibition & Redressal) Act 2013. The guidelines include the mechanism by which an aggrieved woman employee can make a complaint when incident of Sexual Harassment occurs, procedure to be followed for redressal of such complaints, action to be taken against delinquent staff etc. Internal Committee are formed at Central Office/ Regional Office level to redress such complaints.

d) For maintaining better personal & professional life balance women employees have facilities like Sabbatical leave, Maternity leave, Special Sick leave etc.

e) The Bank has always seen Human Rights as inherent part of all its policies. There hasn't been any instance where the Bank has to alter its policy / process in order to align with Human Rights and grievances.

f) As an institution with the right professional flare, the Bank is highly committed to the principle of equal opportunity for all employees and also believes in fabricating an environment which is free of discrimination.

g) The Bank has strictly prohibited discrimination or harassment based on race, colour, religion, or belief, social or ethnic origin, sex, age, physical, mental, or sensory disability, HIV Status, sexual orientation, gender identity and/ or expression, marital status, family medical history or genetic information, family or parental status.

h) The Bank nurtures its employees with the right ethics and Code of Conduct by organizing various training programs designed for the better enhancement and development of the workforce. The Bank follows all applicable laws. Further, Human rights principles form a part of all contracts.

VI) What measures are being taken by the Bank towards Sustainability ?

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format:

a) Data Privacy - The bank has an Information Technology Strategy Committee (ITSC) in place. ITSC deliberates on the IT policy of technology adoption by the Bank for  leveraging the developments in IT to improve business. It reviews and monitor progress of major IT enabled business initiatives and Technical Architecture of the Bank. Detailed role and function is defined in Corporate Governance Policy. We have also obtained ISO 27001:2013 certification for our Information Security Management System. Relevant teams regularly undergo training to stay updated with the latest procedures and systems to ensure security of data. A Security Operating Centre (SOC) has been established by the Information System Security Department to monitor and analyse the Information Security incidents to take corrective steps while IS Audit section takes care of the periodical Information Systems Audit of the Bank's department and branches. The bank has finetuned the information security systems in accordance with RBI guidelines.

b) Business Continuity - Board approved Business Continuity Plan and Disaster Recovery plan is in place. The 3- way Data Centres have been implemented to facilitate Zero data loss, Multiple MPLSVPN high bandwidth connections at all 3 data Centres and Central, Dual connectivity from different alternate service/ alternate providers and alternate media for branches have been established. Firewall and Intrusion detection systems have been implemented. Regular DR drills are being conducted every quarter. To ensure Network security, periodical Vulnerability assessment and Penetration testing exercise are conducted by external experts.

d) Ethical Behaviour - The Bank recognizes the critical importance of effective Corporate Governance for the safe and sound functioning of the Bank and lays emphasis on ensuring that structures, processes, and systems are put in place to establish strategic objectives to serve the interest of the Bank and its stakeholders which also facilitate effective monitoring. Code of Conduct for Employees are well defined.

e) Systematic Risk Management - The Bank has set up appropriate risk management organization structure in the Bank. Risk Management Committee of the Board (RMCB), a sub-committee of Board, is Constituted which is responsible for management of Credit Risk, Market Risk, Operational Risk and other risks in the Bank. The Bank has also constituted Internal Risk Management Committees namely Credit Risk Management

Committee (CRMC) for managing Credit Risk, Asset Liability Management Committee (ALCO), Funds Committee for managing Market Risk, Operational Risk Management Committee (ORMC) and Product/Process Risk Mitigation Committee (PRMC) for managing Operational Risk, and Information Security Committee for managing Information Security. Risk Managers have been nominated at Regional Offices to

oversee the Credit Risk of the respective Regional Offices.

f) Financial Inclusion - 58% of Branches catering to the needs of Rural and Semi Urban centres enhancing deeper Financial Inclusion. The Bank has SLBC Initiatives for Financial Inclusion. Our Bank has engaged M/s Integra Microsystems Pvt. Ltd. As Corporate Business Correspondent (CBC) since 17th August 2022 who has deployed 3190 Business Correspondent Agents (BCAs) as on 31.03.2023. BCAs are engaged for various Financial Inclusion activities like opening of accounts, collection of small value deposits, enrolment of customers under Jan Suraksha Schemes like APY, PMJJBY and PMSBY, recovery in loan accounts including NPA accounts, mobilizing deposits and collecting RD instalments. As a measure to deepen financial inclusion and enhance banking experience, the Bank has established two Digital Banking Units in Solan - Himachal Pradesh and Tanjore - Tamil Nadu which were dedicated to the nation by our Hon'ble Prime Minister, Shri Narendra Modi as part of GOI initiative to launch 75 Digital Banking Units (DBU) across 75 districts.

g) Customer fairness and right-selling - The Bank's philosophy of 'Fair Practices Code' emphasises the need to deliver fair value to customers, including selling products and offer services which meet societal needs and are in the interest of customers.

h) Employee Benefits & Development - Our Bank has always been proactive in providing its employees with ample learning opportunities and the "ASK US - Online Help Desk" is one such initiative introduced by our Bank. Bank has introduced a Staff Suggestion Scheme named "ALL IDEAS MATTER". "EMPLOYEE DAY" is one way of actively involving all our employees, knowing and resolving their issues and grievances, making them feel appreciated for their professional as well as personal achievements, and thereby, re-instilling a sense of belongingness and ensuring that they propel towards higher levels of performance.

i) Regulatory & Legal Compliances - The Bank has well defined Compliance Policy as per Reserve Bank of India Guidelines and has in place systems and procedures for managing Compliance Functions. Necessary Circulars / Instructions on the regulatory Guidelines are being issued periodically. Chief Compliance officer reports to MD & CEO / Board / ACB of the Bank, and effectively participate in various policies clearance and governance Meetings. The Bank is submitting a quarterly compliance report on Corporate Governance to the Audit Committee of the Board and to BSE & NSE, where the shares of the Bank are listed.

g)  GHG Emissions Management - The Bank intends to identify initiatives and develop a roadmap to reduce emissions in its operations. The Bank has also taken several initiatives for paperless banking like online account opening with video KYC, Electronic Bank Guarantee and national & cross border payment system with Bhim UPI. GHG emissions management allows Banks to mitigate risks, invest in low- carbon systems, fostering sustainability and market differentiation.

h) ESG Oversight - As we move into the future, ESG will be the cornerstone of our financial success. Board of Directors is the highest authority responsible for making decision on sustainability related issues. Leadership oversight on the ESG strategy, action plan, and performance fosters a positive impact on the environment and community. It also enables the bank to further embed robust monitoring mechanisms across ESG initiatives and business practices. As we move into the future, ESG will be the cornerstone of our financial success, competitive advantage, and future accomplishments.

j) Green Finance - Bank has policies in place subjected towards Framework on Green Finance, wherein detailed guidelines have been provided covering full cycle of Green deposits, i.e., issuance to use of proceeds, and third party verification/assessment on the impact, as what we refer as 'from cradle to grave".