Cobrapost impact: Bank Audits set to get tougher
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The Reserve Bank of India (RBI) and the government could look at reinstating audit system even in “smaller” branches with advances below Rs. 20 crore following rampant violation of know your customer (KYC) norms by banks revealed by investigative website Cobrapost.
Large number of bank branches went unaudited in the previous fiscal year (2012-13) after the government issued a directive stating that only branches with advances upward of Rs. 20 crore would be scrutinised by auditors and chartered accountants. Until 2012, bank branches with advances of Rs. 6 crore were exempted from audits.
The Institute of Chartered Accountants of India (ICAI) has taken up the issue both with the government and the RBI.
“We have taken up the issue and we would again take it up, it is important to bring as many branches possible under the audit fold to ensure that norms have been adhered to, it acts as a deterrent,” Subodh Kumar Agrawal, president, ICAI told HT.
“We would do the needful and a decision would be taken soon," a senior RBI official told HT.
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17-May-2013 , 06:47:14 amReserve Bank of India should accept the proposal initiated by the president of The Institute of Chartered Accountants of India - CA. Subodh Kumar Agarwal . Not only the violation of KYC compliance by the bank branches, many more things should come out if proper audit is done by the RBI'S approved panel of auditors . The members of The Institute of Chartered Accountants of India are capable to ha