Pre-Sanction Inspection of the Unit:
The bank conducts pre-sanction inspection of the unit/factory through its own offices or in some cases, where projects are complicated; the pre-sanction inspection is done through some well known outside agency.
Before the sanctioning of the project, a field visit takes places. In the field visit, one person from the Credit Enquiry Department accompanies the branch manager/zonal manager. The purpose of the field visit is to check whether the address given by the borrower is correct or not? The mentioned activity is actually carried out or not?, the collateral or not?, the collateral security mentioned really exists or not?, the market value of the securities mentioned is correct or not?, etc. Many issues like above are checked in such inspection. In addition to this, the manager and the expert from the department also talk with the laborers, ask them several questions, try to find if there are any problems between the labour and the managements. Even the people around the factory are asked several questions like, since when the factory is going on? Any problems of the factory with the nearby society etc.
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