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Thursday, August 6, 2009

Applicability of certification under consortium lending & multiple banking arrangements for 5 crores by CS / CA / CWA for banks – RBI circular

All the banks may seek a declaration from their existing borrowers availing sanctioned limits of Rs.5.00 crore and above or wherever, it is in their knowledge that their borrowers are availing credit facilities from other banks, and introduce a system of exchange of information with other banks and obtain regular certification by a professional, preferably a practising Company Secretary or Chartered Accountant or Cost Accountant, regarding compliance of various statutory prescriptions.

Now, the applicability of the Certification for lending is extended.  Thus, it is now made mandatory (applicable) for

  • All Scheduled Commercial Banks (excluding RRBs and LABs)

  • Select  All-India Term-lending and Refinancing Institutions
    (Exim Bank, NABARD, NHB and SIDBI)

The list of all RBI circulars regarding Lending under Consortium Arrangements/Multiple Banking Arrangements till date:


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