The RBI has issued guidelines for the appointment of statutory auditors for banks, NBFCs, for the first time for urban co-operative banks and gas banking finance companies.
Mumbai. Reserve Bank of India On Tuesday issued guidelines for the appointment of statutory auditors for non-banking financial companies (NBFCs), including banks and housing lending companies. The guidelines stated that guidelines for the appointment of statutory central auditors (SCAs) / statutory auditors (SA) for commercial banks (excluding RRBs), UCBs and NBFCs (including HFCs) for FY 2021-22 and onwards. Will apply
However, NBFCs with assets of less than Rs 1,000 crore that do not have deposits will have the option to continue with the current process. Urban co-operative banks will have to seek approval from the Reserve Bank of India on an annual basis for the appointment of SCA / s. As urban co-operative banks and gas banking financial companies are being brought into this system for the first time, they will be allowed to adopt this system from late 2021-22 onwards in order to give them proper rules.
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