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In India every year, every company (listed/Non-listed or Indian/Foreign) is required to submit RBI due diligence report for the Previous Financial year to all the bankers with whom the company is having banking limits (Such as working capital loan, short term loan, Buyer’s credit, etc).
However, those banks with whom the company is not having the limit may also ask for the RBI due diligence report.
This report is different from that diligence report which is used in merger and acquisitions and is a requirement for closing the deal in between two parties.
There is no fixed format of a diligence report however the bank usually required the below-mentioned information:
The information sought & the Annexures should be certified by a Company Secretary (CS) of the company or a practicing Chartered Accountant (CA).
Below are the formats which can be used for the preparation of Due diligence report:
In the context of Banking Terms, the RBI Due diligence report is basically an information report sought by the bankers which contains Key details about the Company’s board of directors details, Shareholding details, banking details, foreign currency risk assessment (If any) , changes in the business of the company ( If any), related party transactions (If any), Investment by the company in Joint ventures/subsidiaries/associates etc.
In India every year, every company (listed/Non-listed or Indian/Foreign) is required to submit RBI diligence report for the Previous Financial year to all the bankers with whom the company is having banking limits (Such as a working capital loan, short term loan, Buyer’s credit etc). This requirement is also mentioned in the company’s borrowing sanction letter.
RBI Due diligence report includes key details about the Company’s board of directors details, Shareholding details, banking details, foreign currency risk assessment (If any) , changes in the business of the company (If any), related party transactions (If any), Investment by the company in Joint ventures/subsidiaries/associates, etc.
There is no fixed format of an RBI due diligence report, however, the bank usually required the below-mentioned information, the information sought & the Annexure should be certified by a Company Secretary of the company or a practicing Chartered Accountant.
The Due diligence report should be certified by a Company Secretary of the company or a practicing Chartered Accountant
There is no fixed date for the submission of the Due diligence report, usually, it’s submitted within 15 days from the date on which the accounts are adopted for the previous year at the annual general meeting. In private companies, it is submitted within 15 days from the date of signing of the Annual report.
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