The government has notified the General Insurance Business (Nationalisation) Amendment Bill and the Deposit Insurance and Credit Guarantee Corporation (DICGC) (Amendment) Bill, after Presiden
The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 was passed by a voice vote amid opposition uproar in the Lok Sabha on Monday. The Rajya Sabha had passed the Bill l
Sah Bharati lobbies hard for inclusion of UCBs in DICGC amendment indiancooperative.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiancooperative.com Daily Mail and Mail on Sunday newspapers.
UCB: RBI issues guidelines for appointment of Auditors
RBI has issued a Circular on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) for Urban Co-op Banks and other financial entities on Tuesday.
These Guidelines provide instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc. while ensuring the independence of auditors.
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.
“The revised Guidelines being issued will ensure that Statutory Auditors are appointed in a timely, transparent and effective manner. This is expected to improve the quality of financial reporting by the aforesaid Entities and also improve the audit quality”, notes a release from the Regulator.