Banks, NBFCs will have to appoint auditors for continuous 3-year period: RBI s new guidelines
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The Reserve Bank of India on Tuesday issued issued guidelines for appointment of statutory auditors for banks, and non banking financial companies (NBFCs), including housing finance companies.
A Circular on Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) has been issued today. These guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc. while ensuring the independence of auditors.
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
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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.