Quick Summary
The Reserve Bank of India has released the Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs). Read the guidelines issued below: RBI/2021-22/25 Ref.No.DoS.CO.ARG/SEC.01/08.91.001/2021-22 A
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FAQ :
The guidelines apply to Commercial Banks (excluding RRBs), Urban Co-operative Banks (UCBs), and Non-Banking Finance Companies (NBFCs), including Housing Finance Companies (HFCs).
These guidelines are applicable for the Financial Year 2021-22 and onwards for the appointment or reappointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs).
Yes, Commercial Banks (excluding RRBs) and UCBs are required to obtain prior approval from the RBI on an annual basis for the appointment or reappointment of their SCAs/SAs.
Commercial Banks and UCBs should apply to the Department of Supervision, RBI, before 31st July of the reference year. Public Sector Banks (PSBs) have one month from receiving the list of eligible audit firms from RBI.
No, NBFCs do not need to take prior approval from the RBI for appointing SCAs/SAs. However, they must inform the RBI about the appointment each year by submitting a certificate in Form A within one month of the appointment.
Yes, non-deposit-taking NBFCs with an asset size below ₹1,000 crore have the option to continue with their existing procedure for auditor appointments.
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