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September 10,2007
to the notice of CGTMSE after considerable delay on receipt of bank statements and at the time of
appropriation of guarantee fee.
received from different MLIs pertaining to CGTMSE in a day and advise a consolidated credit amount to its
branch at Mumbai, where CGTMSE is operating its current account, which appears in the bank statement.
The collecting banks do not provide the instrument number, name of the remitting MLI or the place of
remittance in the bank statements. All this causes problems at CGTMSEs end in reconciliation of amounts
credited in the accounts and appropriation of guarantee fees against the remitting MLI and the specific
borrower account.
It has been decided that, the existing arrangement with collecting banks will be discontinued with
effect from October 01, 2007.
favour of CGTMSE, payable at Mumbai, with details of the payment and after allocation of the
payment in the system.
Yours faithfully,
Sd/-
(P.M.Radhakrishnan)
Deputy General Manager