1.
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Attendance at the Work
Area.
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Attending branch/unit
on daily basis, by Representative of
the Service
Provider /CA Firm, and 2-3 times a week by the Partner of the
Firm.
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Days of Absence in a
month in attending the branch/unit
(i) by the
representative of the Service provider
/ Firm or
(ii) by the Partner of
the Firm
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Twice the proportionate
remuneration of the month on a pro-rata basis for the
days of absence.
Eg.30 days in a month; Remuneration of Rs.30000/-p.m.
with an absence of
2days : Penalty to
be charged : Rs.2000x2= Rs.4000.
|
2.
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Detection of Income
Leakage
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On a day to day basis
income leakage, if any detected, to be reported.
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Non-detection/
non-reporting / short recovery of income leakage from the date it becomes due
within a period of 2 weeks. The penalty to be levied is on account of
opportunity loss for the Bank.
|
For Non-detection/ non-reporting: 1% of the amount, in
the area of income
(iii) BG/LC Comm. (iv)
Locker rent etc.,
(Overall cap for both not to exceed 20% of
monthly remuneration).
Eg. Processing Fee of Rs. 1 lac. is identified by an
Auditor other than CA. after 2 weeks of its becoming due. Penalty will be
Rs.1000 for one instance.
If such instances are more, then overall cap of 20% of
remuneration i.e.Rs.6000 (20% of 30000) to be charged.
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3.
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Detection of Major
lacunae in the conduct of the account, systems & procedures etc.,
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Timely detection of
major lacunae.
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Non detection of major
lacunae as enumerated in the CRM Value Statements of WBCAS.
|
Rs.250/- per major
lacunae in an account with a maximum penalty of 5% of
monthly remuneration.
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4.
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Failure to comment on
Frauds, which may cause loss to the Bank.
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Detection/ Reporting of
Fraud.
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Non detection/ not
reporting of Fraud arising on account of failure in implementation of systems
& procedures and security lapses.
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10% of monthly
remuneration per instance, with a cap of 25% of
monthly remuneration.
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5.
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Detailed Scrutiny of
Accounts and submission of observations.
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Detailed Scrutiny of
Accounts within a reasonable time and submission of observations online on a
daily basis.
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Detailed scrutiny of
accounts by commenting as per Value Statements mentioned in WBCAS, if not
done:
Eg. All accounts within 3 months and thereafter once,
at the time of renewal/ review/ new sanction;
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Rs.250/ per account
with an overall cap of 5% of the monthly remuneration.
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6.
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Submission of Monthly /
Qly. Concurrent Audit Reports (Annexure-V, VI& VII as available in SBIeTHIC) to the BM/ Head
of the Unit/AGM (Audit)/ GM(NW) etc. a
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Monthly Reports to be
submitted within a week of the succeeding month to the BM/Head of the Unit.
Thereafter, with their remarks to RM/DGM (BO) within 2nd week of
the succeeding month of report.
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Non submission as per
schedule.
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Non Submission: 10% of Audit Fee p.m.
Non submission by over 3 months: Termination of the
Contract giving one
month’s notice.
Delayed Submission: Rs.250/ per day till submission.
(With a overall cap of
10% of monthly remuneration p.m.)
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7.
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Unacceptable delay in
the performance of obligations.
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Should be done in
accordance with the time schedule specified in the Agreement.
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Identified areas of
deficiency in performance:
(i) Partner’s not
attending branch/ unit 2-3 times a week;
(ii) Non-deputation of
representative every day;
(iii) Non-submission of
Reports;
(iv) Non-detection of
Income leakage in time, resulting in opportunity loss; &
(v)
Non-detection/reporting of Frauds.
(vi) Poor Quality of
Reports.
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Termination of
Contract, by giving a month’s notice, as per Service Level
Agreement (SLA).
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