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Bank od

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 June 2013 respected sir,
some banks are asking ca certified audited reports even for 5 laks over draft for business men.i want to know is actully from which amount of over draft banks required ca certified balance sheet?(as per RBI REGULATIONS).please some one may clarify
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CA. RICHI SAXENA

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CA. RICHI SAXENA (Expert)
16 June 2013 THERE IS NO SUCH RBI DIRECTIVE AS TO AN AUDIT REPORT IS REQUIRED FOR A BUSINESS LOAN...
BANKS DEMAND THE AUDITED FINANCIALS BECAUSE THEY RELY ON THE SINCERITY AND TRUTHFULNESS OF THE AUDITORS....
BY HAVING AN AUDITED BALANCE SHEET THEY GET ASSURED AS TO THE WORKING OF THE BUSINESS CONCERN AND TO SOME EXTENT THEIR RISK ALSO GETS MITIGATED..
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