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Such a facility shall ordinarily be sanctioned only by the next higher sanctioning authority.

Purchase of or discount of bills from directors and their concerns, which is in the nature of clean accommodation, is reckoned as ‘loans and advances’ for the purpose of Section 20 of the Banking Regulation Act, 1949.FAQs regarding applicability of Section 20 of BR Act, 1949 is given in ‘Annex 2’.2.1.2.2 Banks are prohibited from entering into any commitment for granting any loans or advances to or on behalf of any of its directors, or any firm in which any of its directors is interested as partner, manager, employee or guarantor, or any company [not being a subsidiary of the banking company or a company registered under Section 8 of the Companies Act, 2013, or a Government company] of which, or the subsidiary or the holding company of which any of the directors of the bank is a director, managing agent, manager, employee or guarantor or in which he holds substantial interest, or any individual in respect of whom any of its directors is a partner or guarantor.2.1.2.3 For the above purpose, the term 'loans and advances' shall not include the following:(a) loans or advances against Government securities, life insurance policies or fixed deposit;(b) loans or advances to the Agricultural Finance Corporation Ltd;(c) such loans or advances as can be made by a banking company to any of its directors (who immediately prior to becoming a director, was an employee of the banking company) in his capacity as an employee of that banking company and on the same terms and conditions as would have been applicable to him as an employee of that banking company, if he had not become a director of the banking company.The banking company includes every bank to which the provisions of Section 20 of the Banking Regulation Act, 1949 apply;(d) such loans or advances as are granted by the banking company to its Chairman and Chief Executive Officer, who was not an employee of the banking company immediately prior to his appointment as Chairman/ Managing Director/CEO, for the purpose of purchasing a car, personal computer, furniture or constructing/ acquiring a house for his personal use and festival advance, with the prior approval of the RBI and on such terms and conditions as may be stipulated by it;(e) such loans or advances as are granted by a banking company to its whole-time director for the purpose of purchasing furniture, car, Personal Computer or constructing/acquiring house for personal use, festival advance with the prior approval of RBI and on such terms & conditions as may be stipulated by it;(f) call loans made by banking companies to one another;(g) facilities like bills purchased/discounted (whether documentary or clean and sight or usance and whether on D/A basis or D/P basis), purchase of cheques, other non-fund based facilities like acceptance/co-acceptance of bills, opening of L/Cs and issue of guarantees, purchase of debentures from third parties, etc.;(h) line of credit/overdraft facility extended by settlement bankers to National Securities Clearing Corporation Ltd. (CCIL) to facilitate smooth settlement; and (i) a credit limit granted under credit card facility provided by a bank to its directors to the extent the credit limit so granted is determined by the bank by applying the same criteria as applied by it in the normal conduct of the credit card business.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.

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