RBI issues guidelines for appointment of statutory auditors of banks, NBFCs
Updated:
Updated:
April 27, 2021 12:03 IST
The guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, while ensuring the independence of auditors, the apex bank said.
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RBI logo. | Photo Credit: REUTERS
The guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, while ensuring the independence of auditors, the apex bank said.
The Reserve Bank of India on Tuesday issued guidelines for appointment of statutory auditors of banks and non-banking finance companies (NBFCs), including housing finance companies.
RBI lays down guidelines for appointment of statutory auditors of banks, NBFCs
The guidelines provide necessary instructions for the appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc., the RBI said
PTI | April 27, 2021 | Updated 12:25 IST
The Reserve Bank of India on Tuesday issued guidelines for appointment of statutory auditors of banks and non-banking finance companies (NBFCs), including housing finance companies. Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) will be applicable for financial year 2021-22 and onwards.
However, non-deposit taking NBFCs with asset size below Rs 1,000 crore have the option to continue with their extant procedure. The guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc. while ensuring th
Banks require permission from RBI before appointing statutory auditors
IANS
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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.
Banks require prior RBI nod for appointment of statutory auditors
By 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.
: 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.