SFAC shall scrutinize the proposal before sanctioning the Guarantee Cover to the ELI under the Scheme in accordance Cover to the ELI under the Scheme in accordance with the Terms and Conditions of the Scheme.
In so far as it may be considered necessary, for the purpose of the Scheme, inspect or call for copies of the Books of Account and other records (includingany Book of Instructions or Manual or Circulars covering general instructions regarding Conduct of Advances) of the Lending Institution or of the Borrower from the Lending Institution.
Such Inspection shall be carried out either through the officers of SFAC or any other agency appointed by SFAC for the purpose of Inspection.
The Investment and Claims Settlement Committee (I&CSC) shall sanction the Guarantee Cover to the concerned Bank based on the finding of the above.
The ELI shall enter into an Agreement with SFAC at the level of the Bank.
