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We are  Rajvanshi & Associates Empaneled with Indian Banks’ Association (IBA) as ASM (2025–2028) - Agency for Specialised Monitoring
We are proud to announce that Rajvanshi & Associates has been provisionally empaneled by the Indian Banks’ Association (IBA) as an Agency for Specialized Monitoring (ASM) for the period 2025–2028, under the Specialized Sectors category.
Our empanelment covers:

1. General Sectors - Covering all Sectors for ASM
2. Energy & Power
3. Gems, Jewellery & Diamonds
4. NBFCs (Non-Banking Financial Companies)
This recognition reflects our strong domain expertise, proven track record,

and deep understanding of credit monitoring, forensic accounting, and compliance reviews.

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🔍 What is ASM?
As per RBI guidelines (RBI Circular DBR.No.BP.BC.45/21.04.048/2018-19 dated June 7, 2019), Banks and

financial institutions are mandated to engage Agencies for Specialized Monitoring (ASM) for large credit exposures

(typically ₹250 crore & above) to:
1. Monitor borrower transactions in real-time
2. Ensure end-use of funds
3. Flag early warning signals
4. Prevent diversion or misutilization of funds
5. Report anomalies for timely risk management

The appointment of Agencies for Specialized Monitoring (ASM) is a process where banks engage external firms to closely track and monitor the financial activities of borrowers, particularly in cases of large loan exposures (typically above ₹250 crore) or specialized lending. These agencies help banks assess and manage risks associated with these loans by monitoring various aspects like cash flow, fund utilization, and adherence to loan terms. 

Why Rajvanshi & Associates? With an experienced team of Chartered Accountants, forensic experts, and financial analysts, we provide:
We have been the first forensic auditors of India to be empaneled with IBA (Indian Banking Association) as Forensic Auditors
💡 Real-time monitoring using tech-enabled dashboards
📊 Detailed transaction audit and fund flow analysis
🔍 Early Warning Signal (EWS) red-flag reporting
📝 Compliance reviews as per RBI, SEBI & IBA norms
💼 Specialized sectoral insight in NBFCs, Energy, Diamonds, and Manufacturing
🚀 Work With an IBA-Registered ASM
If you're a bank, NBFC, ARCs, or lending institution, partner with us for RBI-compliant ASM assignments across India.

📩 Contact us today at forensic@rajvanshica.com, audit@rajvanshica.com or asm@rajvanshica.com
🌐 Visit: www.rajvanshica.com

📌 IBA ASM Registration Details
Empanelment ID: 2025-26/0482-F
Category: Specialized Sectors
Period: 2025 to 2028

Scope of ASM

The broad scope of work for the external agency, ASM, as suggested by IBA, in carrying out a clean and effective monitoring of account is as under:

1. Monitoring the purchases / invoices of the company (about quantum and reasonableness of the rates) for procurement of raw material / spares /transportation of raw material etc., on daily / weekly basis and compare vis-à-vis monthly operation budget submitted by the company. Periodicity would be decided on case to case basis / Consortium.
   
2. Review of inventory build-up (including trade receivables and advances to the Company) for operation of the units commensurate with funds released.
   
3. To monitor the actual operations (production / supplies etc.) vis-à-vis projections.
   
4. Verification of high value transaction / payment as regards beneficiary and purpose.
   
5. Assessment of financial information that has been and that will be provided by the company to its lenders including information related to its short term and long term cash flows.
   
6. Identify key issues and submit the report along with the suggestions with regard to smooth operations of the project.
   
7. Additional verification of evidence of end use of facilities to company and its utilization as per the conditions laid down by the lenders / consortium of lenders.
   
8. Inspection / verification of stock / book debts and submission of monthly report (or as stipulated by lenders) about the inventory receivables position of the company including slow moving inventory if any, to arrive at correct drawing power to the company
   
9. Submission of reports at regular intervals (say at quarterly interval or as stipulated by the Member Bank) on :
   
10. Temporary / Long Term / unscheduled closure of manufacture facilities.
    
11. Any untoward incident or suspicious business or unrelated activity.
    
12. Non-cooperation from borrower to provide general information.
    
13. Source of margin towards working capital / LC / BG o Quality of Book Debt, their appropriateness, age wise classification and eligible book debts for Drawing Power.
    
14. Confirmation on availability of adequate insurance for the securities / Stocks / Assets with Bank clause noted.
    
15. Monitoring of milestones in case of implementation of contracts against which performance Bank Guarantees have been issued
    
16. Monitoring of ESCROW accounts / designated accounts to verify and ensure that the advance payments against guarantees issued are received in designated accounts.
    
17. Perform such other services as requested by the lenders and mutually agreed to by the party and lenders.
    
18. Details of related party Transactions and comments thereon specifically for arm's length dealing between the related parties
    
19. Stock Audit / BG Audit etc. 
    
20. Monitoring of cash flows (both inflow an outflow)
    
21. Validating of securities offered – highlighting inflation of value of stocks / higher valuation of securities.
    
22. To highlight diversion of Short Term funds for long term uses.
    
23. Highlight diversion of funds for purposes other than stipulated in sanction.
    
24. Any other services requested by the Lender(s) / Consortium.
    
25. Comments on Significant differences in stock statements and audited balance sheets of the borrowers.
    
26. Obtaining balance confirmation from the top 5 debtors/creditors.
    
27. Comments on related party details in cases on Debtors / Creditors.
    
28. Details of receipts and payments channelized by the borrower through its related parties instead of routing through TRA accounts.
    
29. Details on Property purchased by the related party from the funds provided by the borrower company
    
30. Comments on Borrower booking inflated profits by selling property to the group companies at higher rate. 
    
31. ASM to also include following scope & its comments in its reports:-
    
32. An Intelligent analysis on the movement of stocks/book debts, their realizable values, level of holdings and their justification.
    
33. Whether the sales of the company are in tune with the past trends /projections and whether the turnover is routed through the Bank.
    
34. Whether there is a tendency to show higher sales at year end for booking profits.
    
35. Accounting practices adopted by the company.
    
36. Pricing policies of the company with respect to procurement of raw materials, semi-finished goods, trading items etc and sale/disposal of semi-finished, finished, trading items.
    
37. Systems of maintenance of stocks, movement of stocks/goods are kept at all stages and whether the company has a clear title to such goods.
    
38. The inventory management system of the company is adequate and proper in view of the nature of the business and size of the company. 
39. ​Other Scope  (1) To validate Expenditure and monitor cash flows of the company. (2) Collecting information from all consortium lenders from time to time, as required. (3) In case of consortium lending, ASM will monitor status of borrowing with member bank, conduct of accounts, business sharing etc.  (4) The base of the assignment shall be previous three months stock/ statements of the entity in case of WC exposure and audit the movement assets and physical verification of stocks, verify DP calculation. (5) The agency shall also obtain pass sheets of all the Banks and reconcile and credits in the account with the movement of current assets. (6) The agency shall verify the nature of transactions in the in the account TRA and critical observations if any shall be reported. (7) Level of Cash, Cash holding at end of the period Vis-a-vis the nature/ line of activity should be duly reported. (8) The agency shall verify the movement of debtors with Sales Book and the movement of creditors with purchase book (not applicable in case of NBFC). (9) Fixed asset register to be verified for any additions/ deletions and reported with justifications. (10) Contingent liabilities — LC/BG, outstanding and whether trade related. (11)  Forex exposures - details of remittance sent and received are to be monitored to ensure that the same is in tune with the turnover reported under Forex and ECGC compliances with respect to Export credit. 
    
40. Un-hedged exposure is to be analysed and the reasons for non-hedging and its impact to be analysed and reported.
    
41. Legal cases of the company.
    
42. Whether statutory payments are remitted promptly.
    
43. The agency shall clearly bring out cases bring out case of siphoning of funds, third party transaction, Non business transactions and fraudulent practices if any etc, along with the documentary evidence in support of their observations.
    
44. The agency shall ascertain the cash flow adequacy for operations to meet the existing debt obligations after providing for all operational expenses.
    
45. Related party transactions to be separately studied and reported and end use of funds to be ensure. Payment to third party by routing the entry through related party shall be specifically mentioned.
    
46. To verify the necessity of each high value payments as regards beneficiary and purpose.
    
47. Assessment of financial information that has been and that will be provided by the company to its lenders including information related to its short term and long term cash flow.
    
48. Transactions with Bank other the consortium/MBA Bank shall be verified and nature of such transactions to be reported. Extent of deficit in cash flows on account of such transactions to be ascertained. In case of listed companies quarterly cash flow statements published by the company to be obtained and any wide difference or deviations observed shall be reported. Account maintained in other banks to be commented upon.
    
49. Compliance of Sec 177 of the Companies Act 2013 with regard to the Corporate Audit Committee findings on the end use of Borrowed funds from bank.
    
50. The agency shall clearly bring out the cases of mis-representation of facts, malfeasance, unfair trade practices etc.
    
51. Overall assessment in the status of the account and likely performance and health of the account.
    
52. Identify the key issues and submit the report along with time suggestions/observations for improvement of asset quality/ viability of operations of the unit.
    
53. The agency shall look into any Information regarding floating of new subsidiary/ joint venture of the company. The agency shall also look into resignation of key management / technical personnel of the company.
    
54. Submit reports on - Temporary / long term/ Un-scheduled closure of manufacturing facilities. Any untoward incident  Suspicious activity  Non-cooperation from borrower to provide general information.  Periodical review of invoices to check their geniuses and reasonability of valuation mentioned therein and submission of exception report to the Consortium/ MBA.  Perform such other services as requested by the lenders and mutually agreed to by the party and lenders which inter alia shall contain the following:  Comments on diversion of the funds. 
    
55. Confirmation on availability of adequate insurance for the Securities / stocks/ Assets / Receivables with bank clause.
    
56. Verification of stocks/book debts at periodic intervals.
    
57. Verification of availability of Forward/backward linkages.
    
58. Analysis of age wise debtors with comments on its reliability. 
    
59. Non-Cash Parameters:  ASM is expected to keep watch in Industry specific prevailing trends, cyclical changes, Govt. Polices and precautionary/mitigation measures sustainability/sensitivity in Products/Business.  High value vendor due diligence, market values vis-a-vis Invoice price.  Technological obsolescence and substitution measures  Industry experts should also be involved while conducting stock audit in sectors where raw material/finished goods are of technical nature.  To report on any litigation, court cases including asset classification of associate concerns.  Submission of report covering entire scope of ASM assignment. 
    
    The above list is only indicative and Bank reserves the right to include any other post monitoring activity as scope of work to be assigned and account specific monitoring activity, if any. 

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Dear Fellow Professionals / Corporates or Corporate Borrowers / banks / NBFCs, and financial institutions for borrowal accounts