Negotiating terms for Letters of Credit (LC) and Bank Guarantees (BG), including tenors, discounting rates, commissions, and charges, while managing BG encashments efficiently.
Reviewing and approving all BG issuance requests, import payment related documents and LC-related documents, ensuring accuracy before authorization and processing by the bank.
Monitoring and approving all trade finance transactions, ensuring timely service delivery by the team and compliance with established SOPs
Collaborating with cross-functional teams to ensure support and compliance, effectively addressing business-critical issues and managing escalations.
Coordinating with AD banks to resolve issues like short payments or quality disputes, obtain RBI approval for write-offs when needed, and regularly reconcile IDPMS issues to ensure accurate and compliant records.
Ensuring compliance with RBI IDPMS/EDPMS regulations and tax requirements, conducting periodic reviews and maintaining control over outstanding exposures, while delivering comprehensive MIS reports
Facilitating timely approvals through the Bank's Trade Finance team by coordinating with the Relationship Manager and ensuring accountability to optimize plant-beneficiary coordination.
Responding to BG invocation notices within 24 hours, informing the respective plant and CFH, and follow up with plant personnel to withdraw the invocation and discharge BGs
Coordinating with the Bank to prevent BG encashment when possible, advising fund planning on debits when necessary, and ensure the return of BGs when no longer valid
Keeping a track of pending entries in the Import Data Processing and Monitoring System and regularly match records with the Authorized Dealer banks
Reviewing tax declarations related to import payments as per the tax team's guidelines. Seek advice on taxability if there are discrepancies in the documents
Coordinating with suppliers and CPC to resolve discrepancies in the import payment documents. If discrepancies are not resolved, manage the tax payments for those issues.
Reporting and Documentation
Maintaining MIS for RA Financing LCs and tracking LC expiry dates, ensuring timely closure by informing the respective teams.
Updating the tracker for IDPMS pendency's and ensure accurate tracking of non- fund-based utilization of bank lines (BG-LC)
Ensuring a live BG Master is maintained with detailed categorization for effective review and management
Preparing monthly review presentations on LC and BG activities
Audit, Risk & Compliance
Reviewing effective implementation of controls for all transactions
Reviewing adherence to legal, regulatory, and statutory requirements to prevent any non-compliances, front end audits and ensuring all audits are managed well. Ensure responses to all audit queries
Continuous Improvements
Reviewing the proposed changes in process and system and seek necessary approvals
Driving the implementation of finalized system and process improvements
People Management
Assisting, guiding and monitoring team members in their day-to-day affairs
Ensuring that team is well equipped with the required knowledge and skills to perform their job
