Country has Rs 10 lakh crore NPAs - Past President ICAI
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The growing non-performing assets in banks are a matter of great concern. Even the Union government is projecting NPAs at Rs 3.80 lakh crore, in reality it is not less than Rs 10 lakh crore, said Past President ICAI Amarjeet Chopra while speaking at a Bank audit seminar here on Friday at ICAI auditorium, organized jointly by the Auditing and Assurance Standard Board and Indore branch of CIRC of the Institute of Chartered Accountants of India.
Delivering his talk on `Bank Audit-advances, documentation and IRAC norms, Chopra said growing banking NPAs in the country is not only a question mark on the transparency of banks but would put credibility of tax consultants, auditors who are engaged in bank auditing and identifying NPAs under scanner.
He asked tax consultants, practitioners to maintain utmost precaution and transparency while checking bank’s loan accounts and other financial statements as any irregularities would cost them dearly if the government initiates inquiry into banks’ NPAs. He said a complete transparency needs to be maintained as per the RBI guidelines while recognizing and identifying NPAs of banks.
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