RBI Makes Prior Approval Mandatory For Appointment Of Bank Auditors

The Reserve Bank has made it mandatory for commercial banks, urban co-operative banks (UCBs) and non-banking finance companies (NBFCs) to take its prior approval for the appointment and re-appointment of statutory central auditors and statutory auditors. "Commercial Banks (excluding regional rural banks) and urban co-operative banks will be required to take prior approval of RBI (Department of Supervision) for appointment/reappointme...