: Tuesday, April 27, 2021, 6:29 PM IST
RBI issues guidelines on the appointment of auditors: Banks, UCBs, NBFCs with an asset size of more than Rs 15,000 crore will have two auditors
Reserve Bank of India (RBI)
Photo Credit: PTI
Banks, Regional Rural Banks (RRBs), Urban Cooperative Banks (UCBs), and Non-Banking Finance Companies (NBFCs) with an asset size of Rs 15,000 crore and above, will need to appoint two audit firms, said Reserve Bank of India (RBI).
RBI stated that the guidelines shall become applicable from FY 2021-22 and onwards. However, UCBs and NBFCs shall have the flexibility to adopt these guidelines from H2 of FY 2021-22 so that there is no disruption.