RBI clarifies on tenure, eligibility norms for new auditors

Mumbai: Amidst both support to as well as calls for a review of its new norms for appointing auditors by financial institutions, the Reserve Bank has stuck to its stance but has clarified certain doubts in the industry on the tenure and eligibility criteria among others.   

The central bank on April 27, 2021, had



issued a circular on ‘Guidelines for appointment of statutory central auditors (SCAs)/statutory auditors (SAs) of commercial banks (excluding RRBs), UCBs and NBFCs (including HFCs)’.

While the circular has been lapped by domestic audit firms, including their apex regulatory body ICAI.