BR HIS LOG

 CIRCULARS 2023 AN OVER VIEW 

In view of the demanding market as well as job expectations, it has become necessary to initiate a blog to collect, as comprehensive and concise as possible, a write up on the professional side of my organization.

An Overview of KSFE Circulars 2023

Circular No	Dated	Brief Description
01/2023	05.01.2023	1) Enhancement of Personal Security a)Self : both SREG and SNREG from 4 to 5 Lakh Gov. Doctors/Engineers/College Lecturers- Self 7 Lakh (Basic Pay should be more than Rs.1,00,000/-) (Revised to Rs.75000/- BP+DA as per Circular No. 6/2023 ) b) Single Surety (Self+ Another surety) from 8 to 10 Lakh c)Professional + Professional – 14 Lakh d)Professional + other SREG/SNREG – 12 Lakh e) Unemployed offering SREG/SNREG – from 4 to 5 Lakh f) SREG/SNREG Self + 2or more SREG/SNREG- from 15 to 18 Lakhs g) Unemployed offering 2 SREG/SNREG – from 8 to 10 Lakh h) Unemployed offering 3 or more SREG/SNREG – from 15 to 16 Lakhs i) Subscriber and spouse are SREG/SNREG both -12 Lakhs 2) Personal Surety BM limit enhanced from 10 to 12 Lakh Maximum 5 Personal Sureties 3) Previous liability in Personal Surety may be fully taken into account, but if the PS is previously offered as single/multiple surety category, only 50% shall be considered. 4) In case of EMI Loans, FL should be calculated inclusive of interest. Salary should be sufficient. 5)Part time regular employees Minimum Salary Required 7000/- - FL for Chitty/ Loan 2 Lakhs 6) In multiple liability cases, ONE PT employee Salary Certificate may be considered for up to 2 Lakh. Not more than ONE part time employee is permitted in a multiple liability. Delegation of Authority Scheme Security Branch RO DGM (B & OPS) and GM (B) GM(B), GM(F) and MD Committee Board EX Rev Ex Rev EX Rev EX Rev EX Rev Chitty PS 10 12 15 18 Property 20 20 5Cr 5Cr Chitty Loan PS 5 7 7.5 10 Property 10 12 20 25 50 50 75 75 1cr 1cr KPL PS 5 7 Property 5 7 10 15 15 20 20 25 25 30 KHL Property Construct 20 20 35 35 50 50 75 75 1cr Icr Other 15 20 30 35 50 50 75 75 1cr 1cr
02/2023	06.1.2023	Scholarship Above Secondary Level onwards (60%/B Grade and above in Qualifying Exam)
03/2023	06.01.2023	Enhancement of DA Existing: 31% Enhanced to 34% ( Net increase : 3%) WEF 1.1.2023 along with January salary.
04/2023	31.1.2023	Extension of BSC 2022 to Feb 28, 2023 , with full benefits described in Circular No 60/2022 dtd 22.07.2022
05/2023	10.2.2023	Accepting salary Certificate of Kerala Drugs and Pharmaceuticals (As a loss making entity, the PS of this firm was excluded in 2002 vide Circular No.213/2002 in October 2002. Now that the company has been making profit for the last three FYs, PS may be accepted.) The Personnel and Administration Manager is the issuing authority.
06/2023	13.2.2023	See Also Circular 01/2023 dated 05.01.2023 Professional salary (BP+DA combined) should be above 75000/- only as against BP 1,00,000/- specified in Circular 01/2023 dated 05.01.2023
07/2023	25.02.2023	PAN wise TDS Category Bulk updation TDS category updation explained with the help of screen shots The effort here is to see that even if the Customer (Whose 15G/H is not submitted) has less than 5000 as interest in an individual FD account, cumulative interest in different branches may be above that limit, there by attracting TDS as per IT Rules. Manager- Login 11 – utilities- administration- TDS tracking user allocation- add user(Assistant) Assistant Login 12 – Reports-general- TDS category bulk update- PAN search-update TDS category from drop down list
08/2023	27.02.2023	Changes in Interest Rates w.e.f 01.03.2023 Scheme New Rate CSDT (Old Rate: 8.00%) 8.15% Gold Loan (Old rates: up to 20,000 – 6.75%) 6.75% Gold Loan (Old rates: above 20,000 – up to 30000 -8.5%) 8.90% Gold Loan (Old rates: above 30,000 – 8.90%) 8.90% KHL (Old Rates: 10 Lakhs and below@ 8.5%) 8.90% KHL (Old Rates: Above 10 Lakhs @ 9.25%) 9.40% KPL (Fully Secured) Old Rate @ 11.00% 11.50% KPL (Other Security) Old Rate @ 11.50% 11.90%
09/2023	27.02.2023	Sanjeevanam Scheme 2023 March 01 to March 31 Aims at arresting the NPA (accounts in default for more than 90 days) and NPD NPD target 2750 Cr. 100% target on loans and advances up to 31.12.2022 Note: See Circular 16/2023- Sanjeevanam extended to 30.04.2023
10/2023	28.02.2023	BSC 2022 extended up to 2023 March 20
11/2023	07.03.2023	SAMATHA Gold Loan Scheme Commemorating International Women’s Day (March 08) Scheme is w.e.f. March 08 to March 31, 2023 Only for women Minimum 25000/- Must exist for at least 30 days Gold loans are at the existing rates and NO Special rates JM gold loan is also considered Gift Scheme 1 gm gold to 100 woman loanees statewide.
12/2023	13.03.2023	Enhancing Property Liability Limit for Firms/corporate Bodies. Maximum Liability for a Firms/corporate Body is enhanced to 6 crores. (Old limit was 2 crores 2007 onwards) Notes: As per Circular No.103/2007, the limit was 2 crores for a Firm/Corporate Body. Individual Future Liability ceiling for an individual is 6 crore(Different properties) Ref. Circular 95/2021 FL Limit in a single Property is 5 crores Circular 95/2021
13/2023	20.03.2023	BSC 2022 extended to March 22, 2023 (Only two days) see 10/2023
14/2023	21.03.2023	15G/H tracking 15G/15H tracking can be done in any branch Using menu- Bulk Tracking for 15G/15H by PAN Path – Reports – General- Bulk Tracking for 15G/15H by PAN
15/2023	31.03.2023	PBMS stopped w.e.f 01.04.2023
16/2023	31.03.2023	Sanjeevanam Extended to 30.04.2023 (See Circular No.9/2023) It was due to end on 31.03.2033
17/2023	17.04.2023	Announcement of KSFE Diamond Chits Period 17-04-2023 to 30-09-2023 Prizes State wide : Diamond Ornaments worth 25 Lakhs Or 25 Lakhs for One Chittal. Regionwise 10 pavan Gold or 4.5 Lakhs for 1 each in a region Branch: Yearly Target up to 75 Lakh - 10000 gold for 3 chittals 75 Lakh to 1.5 Cr -10000 gold for 5 Chittals Above 1.5 Crores – 8 Chittals
18/2023	11.5.2023	Prior deed Demanding If the prior deed contains more land than in the Prime Deed, the practice of demanding the original prime deed (for direct verification for attestation of copies by the BM), may be dispensed with and the process may be verified with certified copies obtained from the registering authorities. If the subscriber offers a Photostat copy of the Prior Deed, the same shall be vouched against a Certified Copy. Other case, where the entire land in the Prior Deed was transferred through the Prime Deed, 13 years’ originals may be insisted, failing which the file shall be sent to RO for approval, if there are reasons to justify the inability of the Subscriber to produce the originals. The Regional Head may accord conditional sanction in such cases.
19/2023	20.5.2023	Currency Note with Denomination 2000 May accept such notes till 30.09.2023 (Details such as Signature, PAN etc should be obtained in the designated form provided in this regard.) Deposit such notes on the date of receipt itself (as far as possible)
20/2023	24.5.2023	Canvassing Agent Sunil .S/Proficient Consultants Alert.
21/2023	27.5.2023	Internal Audit Management and Risk Monitoring System Use the following link https://ksfeit.com/IAMS This link is helpful to find whether the subscriber has liablity or default in any other branch. Login Id – Branch Code Password – Branch Code Change password after first login. If you have queries, call the Chief Manager, IA&V, at this number: 9447700050.
22/2023	30.5.2023	Advertisement Expenses Annual Target 2023-24 at a Glance (Loans in terms of Disbursement) Sl. No Scheme Annual Target for 2023-2024 in Crs 01 Chitty 885 02 Gold Loan 10000 03 KHL 1450 04 KPL 1200 05 CL 2100 Advertisement Cap. In Chitty Business Annual Target Up to 20 Lakhs 20 to below 80 80 to below 1 Cr 1 cr to below 2cr 2 cr to below 3 cr 3 Crore and above Max. 35 K 55 K 60 K 70 K 90 K 1 Lakh Advertisement Cap in Loans and Deposit Schemes Annual Loan Target Below 10 Cr 10-but below 30 Cr 30-but below 60 Cr 60 Cr and above 10 K 15 K 20 K 25 K Regional Offices Chitty Loan 2.5 Lakhs to 3 Lakhs 50 K RO has to undertake mike announcement on branch cluster basis Hoardings, Pole Board etc. to be set up by RO.
23/2023	30.5.2023	Samatha Gold Loan Prize announcemet 1 gm gold or 5250/- whichever is less Source : Sales Promotion and Publicity account (Account code – 289)
24/2023	31.5.2023	Accepting Salary Certificate from Mammiyur Devaswom Board (Duly signed by Executive Officer)
25/2023	31.5.2023	Accepting Salary Certificate from Kerala Clays and Ceramic Products Limited (Duly signed by the Managing Director)
26/2023	07.6.2023	Balance Shett and P& L Account as on 31.3.2023 Tobe filed before the Registrar along with required fee on or before 30.6.2023
27/2023		Profitabilty – guidelines Accounting based on transfer pricing mechanism The aim is to find actual operational result Overhead Accounting Net HO Overhead HO Overhead less Guarantee Commission and Provision for RR/Non RR is arrived at first and allocated to all ROs, who then adds RO overheads and allocate them among their branches. Allowing notional interest on funds received from/ transferred to RO. For this purpose, the concept of cost of fund and average yield are considered respectively. E- Collection is considered as fund transfer to RO which fetches notional interest at average yield rate. IB collection/Transfer is treated as funds received from RO and fund transfer to RO respectively for the purpose of calculation of notional interest. Calculation of provision for default. Calculation of Guarantee commission Notional Interest Rate : Funds received from RO/transferred to RO – 7.36% /10.32% respectively.
28/2023	30.06.2023	Scrapping of IT equipment
29/2023	30.06.2023	Limit Enhancing of Chitty Loan Against a SINGLE PRPERTY – 2 Cr To an Individual – 1.5 Cr Note : CL against PS and Property remains unchanged (CIR 01/2023) Scheme PS Branch 7 RO 10 Property Branch 12 RO 25 DELEGATION Scheme GM (B) Committee (GMs and MD) Board Chitty Loan 25-60 Above 60 to 1 Cr Above 1 Cr Note: The maximum liability that can be created against a single property is 5 cr The maximum liability that can be allowed to a single individual – 6 cr Old Chitty Loan liability in a Single property – 1 Cr (New Limit 2 Cr) Old Chitty Loan Liability to an individual – 1 Cr (New Limit 1.5 Cr)
30/2023	19.07.2023	DA Enhancement Existing DA – 34% of existing Pay Increase – 4% New DA @ 38% w.e.f. 01.07.2023
31/2023	19.07.2023	Uniform distribution to PTS
32/2023	20.07.2023	KSFE Diamond Chits: Inclusion of chits started from 01.4.2023 to 16.04.2023 in the scheme. (The scheme was from 16.04.2023 onwards, Now those chits started from 01.04.2023 up to 16.04.2023 are also included in the scheme.
33/2023	25.07.2023	Deputy Manager Delegation in Micro Branches Scheme Surety Ord Branches Micro Branches Chitty PS 12 10 Property 20 10 CL PS 7 5 Property 12 5 KPL PS 7 5 Property 7 5 KHL Property 20 10 CVL PS 5 3 Property 5 3
34/2023	11.8.2023	Onappudava scheme 2023 Aug 17(Chingam 1) to Aug 25 Onappudava worth 1000- cloth only; not cash for Chitty joinees and Gold loanees
35/2023	16.08.2023	Revision of Confirmation form That only Govt recommended forms as stipulated in 65/2023/fin dtd 27.06.2023 This form is available in CASBA.
36/2023	16.8.2023	BSC 2022 winners’ list published. 1. Winner of 1 Crore Flat/ Villa – Jayakumar TS, Karavalur(456) of KLM Rural 6/2023/A/1 – 13 2. Regionwise Electric cars ( Tata Tigor EV XE) or 12.5 (max)- 70 Nos Udayamperoor –Branch code 336 – 6/2023/A/1/43 Sreejith PR Vaikom (041) 98/2022/A/4/223 – Vikraman OK 3.State Level 25 soverigns of gold or max 10L w/less Edamuttam in Thrissur Region Regionwise 5 soverigns of gold or 2 L w/less 2 winners per each region.
37/2023	17.08.2023	Company Diary requirement – printing and distribution
38/2023	21.08.2023	Security measures for onam holidays
39/2023	01.09.2023	DC and Canvassing commission revised Canvassing commison Instalment Amount Commission Upto 5000 and below 15% Above 5000 13% Canvassing commission only after 3rd instalment is remitted. No commission for GJ 2019/2020 prompt customers. Door Collection Commission Cash Collection Revised commission Up to 12 L 1.5% 12 L to 20 L 1% Above 20 L 0.5% Cheque collection (One cheque) 1.00% (Max Rs.200/-) (Previously 1.5%) Maximum cash collection from a subscriber in a day 50,000/- ( Previously 30,000/-) Extra bonus of Rs.1000/- for those canvassed 50 or more tickets in a quarter to be discontinued. (previously Additional commission of 1000* 3 months as per circular 32/2017 dtd 17.04.2010 Two wheeler loan 70k - for DC agents who has an average commission 30K for the last 6 months. For those who have completed 5 years of DC agency 3% discount on interest rate is applicable. Canvassing for Canvassing and DC Agents HL max 15000/- or 0.5% of HL Amount whichever is less. Must have completed 3 years in agency. Door Collection Agency Appointment One year experience as canvassing agency Must have canvassed at least 10% of total tickets in the previous financial year.
40/2023	19.09.2023	Pravasi Chittikal Some directions
41/2023	20.09.2023	Smart Phones max 10K ( In view of RLM, managers must purchase a smart phone and collect sim card from the RO) The phone shall be in use for a minimum of 3 years Any repairs/ maintenance shall be met by the BMs Expense account code : 0226 Ie, Office Expense.
42/2023	26.09.2023	No insurance protection to chittals , w.e.f from chitties registered from 01.10.2023 onwards.
43/2023	30.09.2023	GOLD, delegation, AF, Appointment of Appraiser Form Appraiser charges Revised Type Ex.rate Ex.min Ex.Max Rev.Rate Rev.Min Rev.Max Gold Loan 0.3% 30 300 0.3% 50 350 Gold Security 0.3% of FL 30 750 0.3% of FL 50 350 Delegation of Authority Gold Loan Sl. No. Rank Existing Revised 1 Asst./ Deputy Manager 5,00,000/- 8,00,000/- 2 Branch Manager Above 5 Lakh upto 10 Lakh Above 10 Lakh upto 15 Lakh 3 AGM (Region) Above 10 Lakh upto 25 Lakh Above 15 L up to 25 Lakh Double Appraising above 5 Lakh exempted forth with Newly appointed appraiser age shall be minimum 25 years and max 50 years. Appraiser should retire @ 65 years. New appraiser application form is attached with this circular
44/2023	07.10.2023	Profitability – guidelines issued A format issued based on transfer pricing mechanism.
45/2023	09.10.2023	KDC 2.0 Term – Upto Jan 31, 2024 Bumper Prize – Diamond jewelry worth 15 L or 15 L Region wise – Diamond Jewelry worth 2.5 L or 2.5 L Branch wise- Gift Cheque worth 3000 per 30 chittals Incentives to branches Excess 5 L – below 50 L – 0.5% of excess sala Excess 50 Lakh- 1% of excess sala as incentive (To be eligible for such cash incentive, the minimum excess shall be 5 L ) Incentive to Regions Minimum excess 3 crores, incentive 10000/- for each such region.
46/2023	10.10.2023	Power App with user mnual
47/2023	27.10.2023	Prior sanction. Prior sanction is obtained 4 times a financial year, ie, April, July, Ocober, January. Prior sanction is valid for one year.
48/2023	27.10.2023	Bhasha Dinam
49/2023	31.10.2023	Power App Punch 31.10----30.11.2023 Power Bank
50/2023	12.12.2023	IAD revamping based on computerization drive.
51/2023	30.11.2023	RMS introduced Important – RMS File to be maintained.
52/2023	6.12.2023	Power App Punch – Result of app downloads – winners announced
53/2023	8.12.2023	KSFE Employees EHL,AHL EVL etc revised. Keep this circular if needed.
54/2023	8.12.2023	Retirement of staff- List
55/2023	12.12.2023	IA&V Renaming of Audit Teams
56/2023	21.12.2023	RR CAMRA, RR Online Software ready (21.12.2023 to 31.01.2024) After obtaining RO sanction, critical default accounts shall be transferred to RR. Critical Accounts NCL greater than or equal to 24 defaults 50K or above sub amount per month at least 18 defaults Terminated Chitty/Loan more than 1 year after such termination. Expired Subscribers/ Loanees/ Mortgagors Those who retire this year- such defaults Defective property file- viz Property sold Court attachments Multiple liability cases, all cases including those default categories which do not fall under default RR criteria READ THE ANNEXURE TO THIS CIRCULAR FOR DETAILS.
57/2023	26.12.2023	Gold – AF enhanced from 0.3% to 0.35% Min 50/- Max 350/- (GL & GS Cases).
58/2023	26.12.2023	Scholarship
59/2023	26.12.2023	Personal Surety GDS (Grameen Dak sevak) Terms Only self surety 3 years and above in service SRNEG Max for 1 Lakh- Minimum 7000/- pm salary.