RBI under pressure from BFSI industry to defer new Auditors' norms for a year
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The BFSI industry faced with restructuring and asset quality issues is insisting that they need time as they are preoccupied with other business issues due to COVID-19 outbreak.
Pressure is building upon the Reserve Bank of India (RBI) from the banking and financial services industry (BFSI) to defer the new auditors' guidelines for a year, which restricts the appointment of auditors for a period of three years and also allows only four banks for audit as against eight previously.
Pressure is building upon the Reserve Bank of India (RBI) from the banking and financial services industry (BFSI) to defer the new auditors' guidelines for a year, which restricts the appointment of auditors for a period of three years and also allows only four banks for audit as against eight previously.
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