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Posted by / 19-Mar-2020 12:05

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Facilities far in excess of the sanctioned limits and concessions were allowed in the course of operation of individual accounts of the parties.

Although, there is no legal prohibition on a bank from giving credit facilities to a director of some other banks or his relatives, serious concern was expressed in Parliament that such quid pro quo arrangements are not considered to be ethical.

groundnut, rapeseed/mustard, cottonseed, linseed and castor seed, oils thereof, vanaspati and all imported oils and vegetable oils,(c) raw cotton and kapas,(d) sugar/gur/khandsari,(e) Cotton textiles which include cotton yarn, man-made fibres and yarn and fabrics made out of man-made fibres and partly out of cotton yarn and partly out of man-made fibres.

Banks are free to fix prudential margins on advances against these sensitive commodities.

BC.10//2015-16 July 1, 015 Ashadha 10, 1937(Saka) All Scheduled Commercial Banks (Excluding RRBs) Dear Sir / Madam Master Circular- Loans and Advances – Statutory and Other Restrictions Please refer to the Master Circular DBOD. This Master Circular consolidates instructions on the above matters issued up to June 30, 2015.

By and large, they did not follow the usual procedures and norms in sanctioning credit limits to the borrowers, particularly those belonging to certain groups or directors, their relatives, etc.Further, when a credit facility is sanctioned by an authority, other than the Board to -2.2.2.2 The above norms relating to grant of credit facility will equally apply to the awarding of contracts.2.2.2.3 Application of the Guidelines in case of Consortium Arrangements In the case of consortium arrangements, the above norms relating to grant of credit facilities to relatives of senior officers of the bank will apply to the relatives of senior officers of all the participating banks.2.2.2.4 Scope of certain expressions (i) The scope of the term ‘relative’ is the same as mentioned at paragraph 2.2.1.8.(ii) The term ‘Senior Officer’ will refer to -2.2.2.5 In this context, banks may, inter alia,(i) evolve a procedure to ascertain the interest of the relatives of a senior officer of the bank in any credit proposal/award of contract placed before the Board Committee or other appropriate authority of the financing bank;(ii) obtain a declaration from every borrower to the effect that -(iii) ensure that the declaration gives details of the relationship, if any, of the borrower to any senior officer of the financing bank.(iv) make a condition for the grant of any credit facility that if the declaration made by a borrower with reference to the above is found to be false, then the bank will be entitled to revoke and/or recall the credit facility.(v) consider in consultation with their legal advisers, amendments, if any, required to any applicable regulations or rules, inter alia, dealing with the service conditions of officers of the bank to give effect to these guidelines.2.2.3 Restrictions on Grant of Financial Assistance to Industries Producing / Consuming Ozone Depleting Substances (ODS)2.2.3.1 Banks should not extend finance for setting up of new units consuming/producing the Ozone Depleting Substances (ODS).No financial assistance should be extended to small/medium scale units engaged in the manufacture of the aerosol units using chlorofluorocarbons (CFC) and no refinance would be extended to any project assisted in this sector.2.2.4 Restrictions on Advances against Sensitive Commodities under Selective Credit Control (SCC)With a view to preventing speculative holding of essential commodities with the help of bank credit and the resultant rise in their prices, in exercise of powers conferred by Section 21 & 35A of the Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest to do so, issues, from time to time, directives to all commercial banks, stipulating specific restrictions on bank advances against specified sensitive commodities.The banks should, therefore, follow the guidelines indicated below in regard to grant of loans and advances and award of contracts to the relatives of their directors and directors of other banks and their relatives:2.2.1.2 Unless sanctioned by the Board of Directors/Management Committee, banks should not grant loans and advances aggregating Rupees twenty five lakhs and above to -(a) directors (including the Chairman/Managing Director) of other banks*;(b) any firm in which any of the directors of other banks * is interested as a partner or guarantor; and(c) any company in which any of the directors of other banks * holds substantial interest or is interested as a director or as a guarantor.2.2.1.3 The restrictions as contained in Section 20 of the Banking Regulation Act, 1949 would apply to grant of loans and advances to spouse and minor / dependent children of the Directors of banks.However, banks may grant loan or advance to or on behalf of spouses of their Directors in cases where the spouse has his / her own independent source of income arising out of his / her employment or profession and the facility so granted is based on standard procedures and norms for assessing the creditworthiness of the borrower.

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Such facility should be extended on commercial terms.