Steps taken by ICAI in PMC Bank Matter

Below Proactive Steps Initiated by ICAI in PMC Bank Matter

Recently, various Media reports were reported about major financial irregularities and failure of internal control systems leading to downfall of PMC Bank. Considering the enormity of the matter, the Institute of Chartered Accountants of India (ICAI) in consonance with its role as a Regulator has triggered its Disciplinary mechanism by writing to the concerned Bank and also to all concerned regulatory agencies i.e.  the Vigilance Department of RBI and the Commissioner of Maharashtra Co-operative Societies, requesting them to provide requisite details of their findings related to it along with details of any member/firm alleged to be involved in the said matter.

ICAI has also written to the Statutory Auditor of PMC Bank pertaining to financial years 2017-18 and 2018-19 seeking clarification on the matter.

ICAI would be actively pursuing the issue with the concerned regulators so as to examine the matter in detail and would also take action through its proactive Disciplinary process against any member, if so, found to be involved in the matter.