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Banks require prior RBI nod for appointment of statutory auditors

Banks require prior RBI nod for appointment of statutory auditors ​ By IANS | ​ 2 Views 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.

RBI guidelines require banks, UCBs and NBFCs to appoint auditors for 3 years

RBI guidelines require banks, UCBs and NBFCs to appoint auditors for 3 years April 27, 2021 Non-deposit taking NBFCs with asset size below ₹1,000 crore can continue with extant procedure The Reserve Bank of India (RBI) on Tuesday issued guidelines for appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) in commercial banks, urban co-operative banks and non-banking finance companies from FY22 onwards, whereby they will have to appoint SCAs/SAs for a continuous period of three years. RBI guidelines regarding appointment of SCAs/SAs will be implemented for the first time for urban co-operative banks (UCBs) and non-banking finance companies/NBFCs (including housing finance companies) from FY 2021-22.

RBI Guidelines | NBFC: RBI issues guidelines for appointment of statutory auditors of banks, NBFCs

Synopsis 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. Reuters Non-deposit taking NBFCs with asset size below Rs 1,000 crore have the option to continue with their extant procedure. 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.

RBI Issues Guidelines For Appointment Of Auditors of Commercial Banks, UCBs And NBFCs

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