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.
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