Empanelment of CA Firm in Punjab National Bank

Punjab National Bank, Zonal Office, Bhubaneswar invites applications for empanelment of reputed firms of Company Secretary / Chartered Accountant / Cost Accountant or Individual CA/CS/Cost Accountant who have at least 5 years’ standing for conducting Due Diligence of corporate borrowers of our Bhubaneswar Zone. The empanelment will be based on merit and fulfilment of eligibility criteria and bank reserves the right of to reject any application without assigning any reason. The last date of submission of application form complete in all respects is 25.02.2022. Application form complete with all respect should reach to us in the above mentioned address either by Regd. Post / Speed Post / Courier or By Hand within 25.02.2022 up to 5.00pm. The intending applicants may visit our website url: – www.pnbindia.in/public notices regarding eligibility criteria and other details. Corrigendum if any in respect of this advertisement shall be released only on above mentioned our bank’s website.

Eligibility Criteria:-

Panel of professionals * (* Panel of professionals means Firms or Individual Company Secretary/Chartered Accountant/Cost Accountant).

a) The panel of such Company Secretary/Chartered Accountant/Cost Accountant shall be approved by Zonal Heads, who will circulate the same to the branches under their jurisdiction.

b) Panel shall consist of reputed firms of Company Secretary/Chartered Accountant/Cost Accountant or Individual CA/CS/Cost Accountant who have at least 5 years’ standing.

c) The work relating to obtainment of Diligence Report is assigned to such empaneled firms or Individual in rotational manner. Further, assignment for obtainment of Diligence Report be given to same professional, for one year only for specific borrower and next year that work should be allocated to some other professional to have benefit of divergent views. Work should be distributed in equal proportion amongst such empaneled firms or Individual.

d) The work relating to certification by professionals i.e. the Diligence Report will not be allocated to Stock Auditors conducting stock audit of the said borrowal account & CA/CS of the borrower. Further, the Concurrent Auditors (outsourced firm/individuals) of the branch shall also not be allocated the work of issuance of Diligence Report.

e) The empaneled local professionals, residing at the place where company’s registered offices are located, be selected for the job of issuing Diligence Report.

f) The performance of such firms/Individual shall be reviewed by Zonal Heads keeping in view the consistent delayed submission of Diligence Report by such professionals, for awarding further assignments to them. Review note shall be placed for information before JAGROC (Joint Action Group on Op-risk Control) at ZRMC.

g) The due diligence report shall be obtained on half yearly basis i.e., half year ended for September and March.

Fee Structure:-

The fee payable for issuance of diligence report may be charged @ 0.005% of the limit (i.e. Rs.500/- per Rs. 1 crore) with a maximum ceiling of Rs.50,000/-.

Further, Branch Heads of LCBs/ELCBs/Zonal Heads may consider payment of enhanced fee upto 0.0075% of the limit (i.e. Rs.750/- per Rs.1.00 crore) with a maximum of Rs. 1.00 lac in exceptional cases (depending upon the volume of work).

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