Banks, NBFCs and CPV and all other document verification:
A Non Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds hire-purchase, insurance business or chit business but does not include any institution whose principal business includes agriculture, industrial activity or the sale, purchase or construction of immovable property.
A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).
Contact Point Verification: This refers to contact by bank staff on the phone numbers/ address provided by the customer to establish correctness of the contact points. CPV is an important parameter in banks and a negative verification can lead to decline of the banking facilities sought.
We conduct Contact Point Verifications / Field Investigation with due diligence at the minimum possible turn around times. In addition to the stay confirmation; the process also involves the assessment of Standard of living, evaluation of accessibility and Contactability and discreet neighbourhood checks to ascertain the general reputation of the loan applicants. We also customize the verification process based on the requirements of the client
The Document Verification Service (DVS) is a national online system that allows organisations to compare a customer’s identifying information with a government record.
Deliver reports within TAT
The turnaround times mentioned are indicative and in line with the service level agreement with the courier agencies. Turnaround time may not be applicable under certain unforeseen circumstances which are beyond the control of the Bank. The Bank shall not be held responsible for delay due to such circumstances.
RCU Services
I. Screening & Sampling Process
This is Pre – Sanction activity done for Various Retail loan products and in this we do screening of 100% files logged in, and look for any subspecies documents / profile. We collect the samples of those documents up to prescribed percentage of logged in files for Verification and detailed report with findings is submitted in agreed Turnaround time.
II. Document Verification
We verify the authenticity of KYC / Income and other documents with the issuing authorities which could be the registrar, the hospital, Passport office and other concerned authorities and highlight any mismatch or discrepancy detected (during verification) between the details mentioned on document and that found in the authority.
Seeding & Mystery shopping
Seeding & Mystery Shopping is an activity conducted to check Customer identification process followed by respective Units / Associates Apparatus, equipment and infrastructure employed for conducting Activities Sacrosanctity of services and approach, process being conducted by Units / Associates
Dealer Stockyard Audit
Dealer Stockyard Audit is an activity conducted to check To identify or Analyze the Utilization of Funding done by Bank’s / Financial Institute to Dealer’s for their working Capital Analysis & Tracking of physical stock available at stockyard, stock in transit and sold Stock Re-finance for new additional stock
Investigation
Investigation is a Desk check & field check conducted to find out Correctness of Documents or Information Provided by any Applicant Checking of his background & Involvement in political/illegal activity Cross checking his criminal background Checking of relationship with business associates of Customer Checking of his Lifestyle with connection to his monthly earning Previous Employer Feedback checking on his integrity
This is Pre – Sanction activity done for Various Retail loan products and in this we do screening of 100% files logged in, and look for any subspecies documents / profile. We collect the samples of those documents up to prescribed percentage of logged in files for Verification and detailed report with findings is submitted in agreed Turnaround time.
II. Document Verification
We verify the authenticity of KYC / Income and other documents with the issuing authorities which could be the registrar, the hospital, Passport office and other concerned authorities and highlight any mismatch or discrepancy detected (during verification) between the details mentioned on document and that found in the authority.
Seeding & Mystery shopping
Seeding & Mystery Shopping is an activity conducted to check Customer identification process followed by respective Units / Associates Apparatus, equipment and infrastructure employed for conducting Activities Sacrosanctity of services and approach, process being conducted by Units / Associates
Dealer Stockyard Audit
Dealer Stockyard Audit is an activity conducted to check To identify or Analyze the Utilization of Funding done by Bank’s / Financial Institute to Dealer’s for their working Capital Analysis & Tracking of physical stock available at stockyard, stock in transit and sold Stock Re-finance for new additional stock
Investigation
Investigation is a Desk check & field check conducted to find out Correctness of Documents or Information Provided by any Applicant Checking of his background & Involvement in political/illegal activity Cross checking his criminal background Checking of relationship with business associates of Customer Checking of his Lifestyle with connection to his monthly earning Previous Employer Feedback checking on his integrity