FAIR PRACTICE CODE OF THE CORPORATION

IN CREDIT DELIVERY SYSTEM

At Branch level

1. On receipt of the loan proposal, the concerned Branch Office issues a proper receipt to the proponent.
2. The proposal is scrutinised normally within seven (7) days from the date of receipt of such application and the proponent is asked to furnish required addl. Documents, if any, along with processing fee at one go. Ground for rejection is intimated in non-viable cases promptly.
3. The proposal is processed and placed before the Branch-in-Charge or sent to the Regional Manager or Head Office for consideration after necessary enquiry, inspection, reference within 20 working days from the date of receipt of the complete information/papers as also processing fee from the proponent.
4. The Branch-in-Charge after perusal/scrutiny and sanctions the loan within the next 3 working days if the same is within his delegated power.
5. The proposals received by Regional Manager from the branches are sent to Head Office with his views and comments within 07 days from the date of receipt.
6. The Head Office after necessary scrutiny disposes of the proposal within 10 working days from the date of receipt except in cases where those are placed before the EC/Board.
7. The decision of sanction or rejection of the proposal is communicated to the proponent immediately.
8. The Branch and Regional office maintains necessary register to record receipt & disposal of loan proposal

At Head Office Level

1. On receipt of the loan application along with the processing fees the, Operation Department (Head Office) shall give a receipt to the proponent.
2. The loan proposal is scrutinised in detail and additional papers, if required, are to be asked for normally within ten (10) days from the date of receipt of the proposal.
3. The Operation Department processes and places a loan proposal before the Managing Director for prima facie opinion of the Screening Committee, within 30 days of receipt of complete information.
4. The decision (sanction/rejection) of sanctioning authority on the proposal is intimated to the proponent immediately after the decision.
5. On recommendation of the S.C. the processed proposals are placed before MD/EC/Board as the case may be for sanction at the next available opportunity.

As a part of the fair practice policy, WBFC provides

1. A copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement is furnished to the borrower (by WBFC).
2. As far as possible, the loan agreement/sanction advice clearly stipulates that credit facilities are solely at the discretion of lenders. WBFC ensures timely disbursement of loan on proper compliance of the terms & conditions governing the sanction.
3. WBFC gives notice to the borrower of any change in the terms and conditions including interest rates, service charges etc. and invariably obtain a written confirmation from the borrower at the material point of time that he/she/it is in full knowledge of such changes and is accepting the revised rates.
4. WBFC releases /returns all securities on receiving payment of loan or realization of loan subject to any legitimate right or lien for any other claim it may have against borrowers.
5. WBFC restrains from interference in the affairs of the borrowers except for what is provided in the terms and conditions of the loan sanction documents and the issues relevant but not disclosed earlier.
6. WBFC does not discriminate on ground of sex, caste and religion in the matter of lending.
7. In the mater of recovery of loans, WBFC does not resort to undue harassment viz., persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans etc.
8. In case of receipt of request for transfer of borrowal account, either from the borrower or from a bank / financial institution, which proposes to take-over the account, the consent or otherwise i.e. objection of WBFC, if any, is conveyed within 21 days from the date of receipt of request.