Sep 27 2018
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Exposure Draft of ICSI Guidance on Diligence Report on Governance for Banks

 

The Reserve Bank of India vide Circular DBOD.No.BP.BC.110/08.12.001/2008-09 dated February 10, 2009, mandated a due diligence for lending under consortium arrangement / Multiple Banking Arrangement. In terms of para 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 with various applicable statutory prescriptions as per specimen given in Annex III to the above Circular.

With the passage of time and to keep pace with the developments, a need was felt to review the diligence mechanism. Moreover, the Companies Act, 2013, with revamped corporate law norms, has a bearing on the format of Diligence Report for Banks.

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