1.A committee consisting of the following members is authorized to examine case and permit deviations from the above policy selectively or wholly or for a particular period of time as deemed fit.  

2.Members of the committee
 1.CHIEF GENERAL MANAGER
 2.HEAD OF DEPARTMENT (RISK MANAGEMENT & CREDIT CONTROL)
 3.JT. GENERAL MANAGER (AUDIT & INSPECTION)

Minimum bid price for each lot shall be fixed based on the following.
1. Prevailing market price of gold based on the rates published by the Indian Bullion and Jewellers Association Ltd
2. Total dues to be received in the loan account which includes advance and interest up to the date of auction and other charges levied and recoverable.
3. General quality of the gold  (In case the ornaments are found to be having  purity of  less than 22 carat, the company will have the discretion to quote a lesser floor price for the lot.)

Ornaments in unredeemed accounts listed for auction will be put up for sale in appropriate/convenient lots through a public auction procedure wherein the prospective bidders participating in the auction shall quote their prices over and above the minimum fixed bid price in the open auction in accordance with Fair Practice Code for Bidders participating in the Auction detailing the Terms and Conditions of Auction. An auction will be carried out provided minimum 3 bidders are available as participants.

Compliance of all formalities required for Auction as described in the following paras shall be ensured before conducting such Auctions.
      
1.Overdue Loan accounts shall be identified and registered notices   sent as per the timelines prescribed above. If the borrowers fail to repay the dues within the timelines prescribed, such accounts will be marked for auction.

2.Board approved Auctioneers appointed at various centers shall be assigned with the Auction process.

Requests for postponement of a scheduled auction shall not be considered generally. However, the Company may, at its discretion, permit postponement of the auction provided at least part interest dues are paid immediately and the borrower undertakes to close the loan.  If the loan is not repaid, the auction will be carried out in such cases notwithstanding the remittance made towards interest/ principal.

Part payment of Principal/Interest will be accepted at any point of time up to loan closure due date as per the loan sanction. Thereafter, part payment can be allowed using discretionary powers as per delegation.

However, making part payments will not entitle the borrower for seeking postponement of the auction and unless the entire dues are repaid, auction of the collateral security in a loan account will be conducted as per Auction Policy irrespective of such part payments made.

No extension of loan period will be permitted in deviation of the above rules. Auction proceedings will be completed within 3 months from the loan due date before which the borrower should close the loan

If auction is triggered for any other reasons where probable loss is anticipated vis-a- vis the realizable value of security, all processes connected with the Auction like sending Auction Notices by Registered post, publishing in Newspapers etc. will be followed and auction will be conducted following the normal  procedure.

1. Auction due to depletion in the value of security due to fall in prices etc. (auction before completion of tenure)