“Banking is the lifeline of any business to survive,
We support Banks providing them valued services.”
Compliance Calendar LLP has been providing professional services to Banks since its inception in October 2016. CCL has come a long way since then and very much trusted by many Scheduled as well as Private Sector Banks.
“As the frauds in Banks have been piling up, it becomes essential for banks to engage Corporate firm like CCL who can help them in preparing the Search Report, Due Diligence Report, Certifying Charge related forms of MCA, and various other Corporate Legal Services to Banks to mitigate the chances of growing numbers in NPAs.”
Like any other companies, banks also have business. They do business by lending money in various types of loan like personal loan, business loan, education loan, vehicle loan, home loan, loan on properties, giving cash credit facility, credit cards, selling insurance, investing in mutual funds, providing locker facility, acting as AD Banks, merchant services, treasury services, wealth management, collection and payment of credit instruments, foreign currency exchange, bank guarantee, ATMs services, private banking are some of the most frequent services provided by banks.
As Banks do the business, they are also required to comply with the necessary compliances applicable to them especially under the Banking Regulation Act, 1949. For this, they engage Professional Firm like CCL who can help them stay compliant in their day-to-day business. Not only this, they are required to check their clients companies’ compliance just to access that their clients are good companies and not involved in the money laundering, black money, and other illicit forms of earning money.
CCL provides Search Reports to Banks which works as a basic tool for inspection of company’s records in the hands of Banks. As the non-compliance is growing in India Inc., Banks are under apprehension if their money will become NPA (Non-performing Assets) and now more stressing upon Search Repots from Companies while opening any Bank Accounts or giving the Loan or Credit Facilities to such Companies. The requirement for Search Reports are huge by banks as they keep them safe, help them understanding past records to know the complete history and information about the company and their way to conduct business.
The Search Report also ensures that the company is not the defaulting one and does not have the defaulting directors. If you are a company director or part of the company management or manager in any bank who is looking for search report, we can be reached at firstname.lastname@example.org and/or +91-9988424211.
The purpose of the Due Diligence Report for Banks is to examine the records of a borrowing entity to assess borrowers conduct from governance perspective and to check the compliance of the entities which are into consideration for availing loans and other credit facilities.
Due Diligence assists banks to examine the previous and existing lending of the companies and to know the defaulting status of any of the directors and its company in in past. This makes banking safe and also give comfort to bankers whenever they have to add new clients in its branch portfolio.
Banks ask companies to get a Due Diligence Certificate from Professionals specifically the Company Secretaries as mentioned in the RBI Notification issued dated 10.02.2009 vide Notification no. DBOD. NO. BP.BC.110/08.12.001/2008-09. Due Diligence Report also confirms whether the company has complied with all the provisions of the Companies Act, 2013 and its applicable rules.
Normally, all the companies need funds to run the business and survive in the economic crisis. The CCL plays very significant role on all the parts in all charge related compliance in connection with the companies who are looking to borrow money from banks for the purpose of its business. When they borrow money the lender normally insists for securities meaning thereby whenever any security is given for the purpose of obtaining loan a charge is created in favor of the lender. Also, every time, there is any change in the Charge form filed, the change must be submitted again with MCA.
The loan may be borrowed by one charge holder or it may be from two charge holders or more as in case of consortium. Whenever any loan is taken on consortium, the Banks normally insists creation of charge separately in respect of all charge holders. Compliance Calendar LLP can help to companies as well as banks in the compliance related to charge creation, modification, and satisfaction of charges.
Understanding the importance of professionals like Company Secretaries, RBI has released a discussion paper on 12th June 2020, on ‘Governance in Commercial Banks in India’ for public comments. This discussion paper came out with various services to be provided by Professionals to banks especially Company Secretaries.
Full Discussion Paper can be downloaded from the below link:
Click here to download the same from RBI Official website
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