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| Introduction:The Lakshmi Vilas Bank Ltd is committed to conducting its business in accordance with the applicable laws, rules and regulations and with highest standards of corporate Governance guided by sound ethical values. This code is intended to provide guidance and help in recognizing and dealing with etical issues, provide mechanisms to report unethical conduct, and to help foster a culture of honesty and accountability. Each Director and officer in senior management cadre (hereinafter called designated officers) is expected to comply with the letter and spirit of this Code.
The designated Officers must not only comply with applicable laws, rules and regulations but should also promote honest and ethical conduct of the business. They must abide by the policies and procedures that govern the conduct of the Bank's business. Their responsibilities include helping to create and maintain a culture of high ethical standards and commitment to compliance, and to maintain a work environment that encourages the stakeholders to raise concerns to the attention of the management.
The Code envisages and expects the members covered under the code to have highest standards of honest and ethical conduct, including proper and ethical procedures in dealing with the following situations / aspects in relation to the business of the Bank and thus maintaining best Corporate Governance Code.
- Conflicts of Interest.
- Honest and Ethical Conduct.
- Corporate Opportunities.
- Confidentiality.
- Fair Dealing.
- Protection and Proper Use of Bank's Assets.
- Compliance with Laws, Rules and Regulations.
- Compliance with Code of Conduct.
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- When a designated officer takes action or has interests that may make it difficult to perform his or her work objectively and effectively,
- The receipt of improper personal benefits by a member of his or her family as a result of one's position in the Bank,
- Any outside business activity that detracts an individual's ability to devote appropriate time and attention to his or he responsibilities with the Bank,
- The receipt of non-nominal gifts or excessive entertainment from any person/company with which the Bank has current or prospective business dealings,
- The designated officer should be scrupulous in avoiding 'conflicts of interest' with the Bank. In case there is likely to be a conflict of interest, he should full disclosure of all facts and circumstances thereof to the Board of directors or any Committee/Officer nominated for this purpose by the Board and a prior written approval should be obtained.
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| The designated officers owe a duty to the Bank to advance its legitimate interests when the opportunity to do so arises. They are expressly prohibited from taking for themselves personally, opportunities that are discovered through the use of Bank's property, information, or position and pursue any activity which conflicts with the broader interest of the Bank. |
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| The designated officers shall maintain the confidentiality of confidential information of the Bank or that of any customer of the Bank to which Bank has a duty to maintain confidentiality, except when disclosure is authorized or legally mandated. The Confidential information includes all non-public information that might be of use to competitors or harmful to the Bank. The use of confidential information for his/her own advantage or profit is also prohibited. |
| All designated officers shall protect assets of the Bank and ensure its efficient use. Theft, carelessness, and waste of the Bank's assets and property have a direct impact on the profitability of the Bank. Bank's assets should be used only for legitimate business purposes. |
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| The designated officers shall comply with all applicable laws, rules, and regulations. Transactions, directly or indirectly, involving securities of the Bank should not be undertaken without pre-clearance from the Bank's compliance officer |
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If any officer /employee who knows of or suspects of a violation of applicable laws, rules or regulations or this Code of conduct, he/she must immediately report the same to the Board of Directors or any designated person/committee thereof. Such person should as far as possible provide the details of suspected violations with all known particulars relating to the issue.
The Bank recognizes that resolving such problems or concerns will advance the overall interests of the organization that will help to safeguard the Bank's assets, financial integrity and reputation.
Interpretation of Code: Any question or interpretation under this Code of Ethics and Business Conduct will be handled by the Board or any person/committee authorised by the Board. The Board of Directors or any designated person/committee has the authority to waive compliance with this Code of business conduct for any designated officer of the Bank. The person-seeking waiver of this Code shall make full disclosure of the particular circumstances to the Board or the designated person/committee.
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