Statutory bank branch audit year for advances above rs. 6 cr

Shubha Agrawal (company secretary) (57 Points)

23 March 2012  


Statutory Bank Branch Audit year for advances above Rs. 6 Cr, Once in 3 year for below Rs. 6 Cr

It is learnt from reliable sources that as a result of number of representation and hard efforts by ‘ICAI’ before various concerned authorities, Reserve Bank of India has agreed to decrease the proposed limit of 20 crores of advances to 6 crores for compulsory statutory bank branch audit, however branches having advances below 6 crores will be audited once in three years.

“It has been learnt that RBI has received communication regarding Bank Branch Audit allotment. All Bank Branches having advances of Rupees six crores and above and one third of the branches below six crores of advances will be audited.”