Banks require prior RBI nod for appointment of statutory auditors

Banks require prior RBI nod for appointment of statutory auditors
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IANS
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Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News
Mumbai, April 27 : Commercial banks will have to take prior approval of the Reserve Bank of India (RBI) for appointment of Statutory Central Auditors (SCA) and Statutory Auditors (SAs).
The RBI on Tuesday issued of guidelines for appointment of statutory central auditors (SCAs) and statutory auditors (SAs) of commercial banks, excluding regional rural banks, UCBs and NBFCs, including Housing Finance Companies.
Banks should apply to Department of Supervision, RBI before July 31, of the reference year and the Public Sector Banks (PSBs) shall approach RBI within one month of receipt of list of eligible audit firms from RBI.

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