S b a 2015

Still no news at 11:15 am from IOB

Consent lettter has already been given before 15 days.

Is it possible that after taking ocnsent allotment can not be given?

Received appointment letter from IOB by hard copy @ 11 today..  thanks for Hareeshkumar and sathiyanarayana for their valuable moral support.

No mail or phone confirmation from IOB.  Only hard copy of appointment letters. Despatched only yesterday. Wait..... appointment for 3 branches.

In the case  of Indian bank for continueing auditors, you may the call the C.O. accounts department (find out phone number in your previous audit file) , some people not received their mail.. they resend their appointment letter.

Best wishes to allour collegues

Hope  so many have commenced the Audit by now /  commencing today

All the best    Do a good job  

As per Regional Office allotment has been done from IOB yet mail or Hard Copy is not received from H.O.

Can I start the Audit?

What about Soft Copy of LFAR & Every other thing?

No one pick up the phone at H.O - Chennai

If any body can help me out ?

As per Regional Office allotment has been done from IOB yet mail or Hard Copy is not received from H.O.

Can I start the Audit?

What about Soft Copy of LFAR & Every other thing?

No one pick up the phone at H.O - Chennai

If any body can help me out ?

All friends are request to share your Bank Audit "point of objection" / experience.

So that it will  benefit of all members.

In one OD Secured Loan case of Rs. 30 lacs, given to a a trading concern, DP is being calculated on the collateral security - property, and not on the stock and book debts. In the sanction letter, primary security is hypothecation of Stock and Debts and DP is to be calculated on collateral security - property. The property is the name of the mother of the applicant.

They have never submitted the stock statements and the actual sales are well below the projected sales in the CMA. Projected Sales for 2014-15 being 1.50 crores and actual sales till Feb. 2015 are 30 lacs.

Can this be a case for NPA?

Thanks Mr. Saurabh. But I have a different view. Since primary security is of book debts and stock, stock statements should be submitted with the bank.

Do any member have the RBI circular, where it is written that no introduction is required for opening of current and savings account?

Do SB Auditors have to do the Tax Audit this year? I couldn't find the Tax Audit Report in the list of reports/certificates to be submitted by the SBA?

I have a query...There is a cash credit account where borrower is only serving intrest, there are no buiness transaction during the year..Should the account be classified as npa..??

Mr. Ashish, it should be NPA.

An account should be treated as 'out of order',  where the outstanding balance in the principal operating account is less than the sanctioned limit/drawing power, but there are no credits continuously for 90 days as on the date of Balance Sheet or credits are not enough to cover the interest debited during the same period, these accounts should be treated as 'out of order'.

It is fine that borrower is serving the interest; but how DP is being calculated is to be seen. If there are no transactions, then it means no operations (sales). In this case, the debtors must be more than 90 days old (not allowed for calculating DP in most of the CC loans) and the value of stagnant stock, must also be depleting. So this account can be NPA.