Section 9 in The Energy Conservation (Partial Risk Guarantee Fund for Energy Efficiency) Rules, 2016
9. Functions of Implementing Agency.
- The following are the functions of the implementing agency, namely:-(a)assist the Bureau in scrutinizing and evaluating the documents submitted by participating financial institutions for empanelment with Bureau under Partial Risk Guarantee Fund for Energy Efficiency and submit recommendations to the Bureau;(b)to appraise guarantee applications of participating financial institutions with respect to guidelines approved by Supervisory Committee and sign the guarantee agreement with the participating financial institution on receipt of the guarantee application along with the guarantee fee and other supporting documents;(c)be independent of the appraisal carried out by the participating financial institution and of the development of the project by the eligible borrower;(d)shall assess and review the progress reports and statement of accounts provided by the Participating Financial Institutions on utilisation of the fund and in case of any deviations from the agreement, accordingly bring them to the notice of the Supervisory Committee in each quarter;(e)update the Supervisory Committee, in every Supervisory Committee meetings, on the progress of the Partial Risk Guarantee Fund for Energy Efficiency(including guarantees committed or claimed, and other updates) since previous meeting and also submit a quarterly report to Bureau regarding the progress and status of Partial Risk Guarantee Fund for Energy Efficiency;(f)shall each year issue an audited report setting out the accounts showing the income and expenditure under Partial Risk Guarantee Fund for Energy Efficiency;(g)to collect guarantee fee and application fee from Participating Financial Institutions and deposit it into Partial Risk Guarantee Fund for Energy Efficiency administrative bank account, which shall be managed by the Bureau;(h)deposit interest on corpus amount to the Bureau for meeting administrative expense;(i)conduct random due diligence on the appraisal documents on a sample of energy efficiency loans disbursed by participating financial institutions and cancel the risk cover for that particular energy efficiency loan, if deviations are found;(j)appoint independent measurement and verification agency empanelled by the Bureau on receipt of guarantee claim from participating financial institutions;(k)the cost of measurement and verification agency shall be reimbursed to implementing agency by the Bureau;(l)process the guarantee claim procedure and, if found appropriate and mutually agreeable based on the report submitted by independent measurement and verification agency, provide the guarantee coverage;(m)convene an annual meeting with the empanelled participating financial institutions to soundboard their experiences and suggestions on successful running of Partial Risk Guarantee Fund for Energy Efficiency;(n)market Partial Risk Guarantee Fund for Energy Efficiency both with participating financial institutions and the end users and energy service company to ensure their participation and prepare pipeline of projects;(o)be responsible for preparation of marketing material and education of potential stakeholders about the Fund; and(p)provide a written assurance alongwith the institutional structure relating to the independence of implementing agency staff from the review, appraisal and financing of the projects that are put up for guarantee facility to Partial Risk Guarantee Fund for Energy Efficiency. Further, total guarantees provided to the implementing agency (Public Financial Institution) shall be limited to ten percent of the total fund value.
