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Thursday, March 12, 2009

CS, CA & CWA can certify under Consortium lending of banks is clarified with revised formats

Lending under Consortium Arrangement / Multiple Banking Arrangements

1. Please refer to  circular RBI/2008-09/354/UBD.PCB.No.36/13.05.000/2008-09 dated January 21, 2009 on the captioned subject.
2. In terms of Paragraph 2(iii) of the above circular, in order to strengthen the information sharing system among banks in respect of the borrowers enjoying credit facilities from multiple banks, the banks are required to obtain regular certification by a professional, preferably a Company Secretary, regarding compliance of various statutory prescriptions that are in vogue, as per specimen given in Annex III to the above circular.

3. In this context it is clarified that in addition to Company Secretaries, banks can also accept the certification by Chartered Accountants & Cost Accountants. Further, on the basis of suggestions received from Indian Banks Association, Annex III – Part I & Part II (copy enclosed)has also been modified. 

Find the said RBI/2008-2009/382 UBD.PCB.No. 49  /13.05.000/2008-09  in CN49LUCAM.pdf


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