State Bank of India has issued a Circular on 18th December 2018 and asked all managers of its Branches to verify Authenticity Of Financial Documents/ Certificates Issued/Certified By Chartered Accountants(CAs) Under ICAI’s Unique Document Identification Number (UDIN) on https://udin.icai.org/?mode=login. Relevant Text of the Circular is as follows:-

Circular No.: CCO/CPPD-ADV/136/2018 – 19
Date: Tue 18 Dec 2018

VERIFICATION OF AUTHENTICITY OF FINANCIAL DOCUMENTS/ CERTIFICATES ISSUED/CERTIFIED BY CHARTERED ACCOUNTANTS(CAs) UNDER ICAI’s UNIQUE DOCUMENT IDENTIFICATION NUMBER (UDIN) IN RESPECT OF BORROWING UNITS

Please refer to e-Circulars Serial No. 106/2015-16 dated 23.04.2015, S No. 736/2015-16 dated 11.09.2015, S No. 1310/2015-16 dated 25.01.2016 and S No. 1065/2017-18 dated 08.12.2017 on the captioned subject on exercising due diligence while sanctioning of credit facilities to existing and new units.

Financial documents/certificates attested by third persons misrepresenting themselves as Chartered Accountants have been a cause of concern. The Institute of Chartered Accountants of India (ICAI) has implemented the system of Unique Document Identification Number (UDIN) to secure the certificates/documents attested/certified by practicing Chartered Accountants (which will be mandatory from 1st January 2019).

Full time practicing Chartered Accountants are required to register the documents by visiting https://udin.icai.org and generate UDIN by registering the certificates/documents attested/certified by them and providing 3-5 key fields of the relative certificate/document.

The Regulators/Banks etc. shall be able to check the authenticity of the documents/reports/certificates etc. with UDIN and the key fields provided by the certifying Chartered Accountants. This can be cross checked through the link https://udin.icai.org/?mode=login . For more clarifications on UDIN, you can access the link https://udin.icai.org/FAQ-UID.pdf.

This measure will help in detecting forged documents and misrepresentations, as only Chartered Accountants are authorised to generate UDIN. The facility of UDIN is to be utilised as part of due diligence.

Please advise the operating units under your control for meticulous compliance.

Download Official text of SBI Circular

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