RNFI Services Limited Seals Agreement with Indian Overseas Bank for Special Mention Account Recovery
RNFI Services Limited has executed a significant agreement with Indian Overseas Bank. The partnership establishes RNFI as a Feet-on-Street (FOS) Agency, tasked with the collection and recovery of Special Mention Account (SMA) portfolios for the bank.This engagement marks an important expansion in the Company's collections and recovery segment. Through this contract, RNFI Services Limited will conduct collection and recovery activities strictly adhering to the terms of the agreement, as well as the Bank’s policies and relevant regulatory guidelines. The collaboration is aimed at strengthening the company’s capabilities within the sector and supporting the long-term growth of its business.
The scope of work under this engagement covers five specific states: Delhi, Gujarat, Uttar Pradesh, Maharashtra, and West Bengal.
Contract Details Overview
The agreement details reveal key aspects of the business transaction between RNFI Services Limited and Indian Overseas Bank. The contract period is set for three years.| Particulars | Details |
|---|---|
| Entity Awarding Order | Indian Overseas Bank |
| Agreement Nature | Feet-on-Street (FOS) Agency for collection and recovery of Special Mention Account (SMA) portfolios |
| Contract Duration | Three years |
| Consideration Structure | The Agreement does not specify any fixed monetary consideration. Revenue shall accrue based on the services rendered by the Company in accordance with the terms of the Agreement. |
| Promoter Interest in Bank | No |
| Related Party Transaction Status | No |
RNFI Stock Price Movement
Shares of RNFI Services Limited today slipped by 0.28% to close at ₹268 following trading activity. The stock recorded a volume of 54,600 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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