Bank of Maharashtra Declaration cum Undertaking for opening/Continuing current Acoount (Annexure-(V)
Bank of Maharashtra Declaration cum Undertaking for opening/Continuing current Acoount (Annexure-(V) from Download
The Bank of Maharashtra Annexure-V Form is a specialized statutory undertaking required from business borrowers who wish to open or continue a Current Account (p. 1). It ensures compliance with strict Reserve Bank of India (RBI) credit disciplines (p. 1).
🏛️ 1. Purpose and RBI Compliance Rule
- Target Audience: Borrowers whose total credit exposure across the entire banking system is less than ₹5 crore (p. 1).
- Regulatory Privilege: No restrictions are placed on opening current accounts or accessing Cash Credit (CC) / Overdraft (OD) facilities at this exposure level (p. 1).
📊 2. Credit Exposure Matrix
The borrower must explicitly disclose their existing liabilities via a structured table including:
- Bank Name & Branch Name (p. 1)
- Nature of Credit Facilities (p. 1)
- Individual Loan Amount & Total Consolidated Exposure (p. 1)
📝 3. Core Legal Undertaking
- Reporting Mandate: The borrower signs a legal declaration promising to proactively inform the banking system, including Bank of Maharashtra, if their total credit facilities ever reach or exceed ₹5 crore in the future (p. 1).
- Authentication: The document becomes legally binding only when signed along with the official company/business seal (p. 1).
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Bank of Maharashtra Declaration cum Undertaking for opening
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