Legal Question in Banking Law in
what is meaning of omnibus counter guarantee in indian banking law
Asked on 2/28/11, 3:15 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
Omnibus counter guarantee means that if a guarantee limit is granted by the bank, say for example for Rs.1 Crore and guarantees to various persons/firms/governments etc., are issued within that limit, the counter guarantee is taken for the total limit of Rs.1 Crore sanctioned which will govern individual guarantees granted by the Bank within that limit.
Answered on 2/28/11, 10:30 am
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