Banks, NBFCs will have to appoint auditors for continuous 3-year period: RBI's new guidelines
Photo Credit: PTI
The Reserve Bank of India on Tuesday issued issued guidelines for appointment of statutory auditors for banks, and non banking financial companies (NBFCs), including housing finance companies.
A Circular on 'Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)' has been issued today. These guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc. while ensuring the independence of auditors.