Recognition of Practising Company Secretaries by Reserve Bank of India (RBI) under Consortium Arrangements / Multiple Banking Arrangements by issue of Diligence Report and Certification

The Reserve Bank of India (RBI) had vide its Circular No. DBOD.No.BP.BC.94/08.12.001/2008-09 dated December 08, 2008 in continuation of its earlier Circular No. RBI/2008-2009/183/DBOD.No.BP.BC.46/08.12.001/2008-09 dated September 19, 2008 prescribed the formats of information by the borrower at the time of applying for a credit facility to a bank and the format for exchange of information among the banks in respect of borrowers enjoying credit facilities from more than one bank.

Now, the Reserve Bank of India has vide its Circular No. UBD.PCBNo. 36/13.05.000/2008-09 dated January 21, 2009 advised all Primary Urban Co-operative Banks in addition to Scheduled Commercial Banks to obtain regular certification by a professional, preferably a Company Secretary, regarding compliance of various statutory prescriptions that are in vogue.

A copy of the aforesaid Circular may be downloaded at the link:

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=4779&Mode=0