Implement norms for statutory auditors in next fiscal, FIDC to RBI

Implement norms for statutory auditors in next fiscal, FIDC to RBI
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IANS
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Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News
Mumbai, April 28 : The Finance Industry Development Council (FIDC) has urged the Reserve Bank of India (RBI) to implement the new norms regarding appointment of statutory auditors by banks and NBFCs in the next financial year.
The guidelines for appointment of Statutory Central Auditors and Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies) which were released on Tuesday would become applicable from the current financial year (2021-22).
In a letter to RBI Governor Shaktikanta Das, the FIDC said: "The circular should be made applicable from April 01, 2022 i.e. FY 23 onwards for a smooth transition. Most of the NBFCs have already finalised the auditors for FY 22 and the flexibility of changing auditors in the second half of FY 22 doesn't really help as (a) shareholder approval would be required and the notice of the AGM would have already been finalised."

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