Empanelment of CA Firm for Indian Overseas Bank

Empanelment of CA Firm for Indian Overseas Bank

Introduction

Indian Overseas Bank is one of the leading Public sector banks in India with a network of 3214 branches across India, 4 overseas branches and having 3246 ATMs and CR spread across India. The bank has overseas branches, associates and a Joint venture. The bank offers wide range of products and services to both Retail and Corporate customers. The bank also provides services to its customers through alternate channels such as internet banking, mobile banking, debit cards, credit cards etc. Reserve Bank of India vide its communication dated February 11, 2016 and June 23, 2016 had advised that all the scheduled commercial banks shall comply with Indian Accounting Standards (Ind AS) for financial statement for accounting period beginning from April 1, 2018 onwards with comparatives for the year ending March 31, 2018. Later RBI vide their notification RBI/2018-2019/146 DBR.BP.BC.No.29/21.07.001/2018-19 dated 22.03.2019 has deferred implementation of Ind AS till further notice. However in line with RBI directive, Banks were required to submit the proforma Ind AS statements at periodic level as stipulated by RBI. Presently it has to be submitted on half yearly basis. Ind AS shall be applicable to both standalone financial statements and consolidated financial statements. Comparatives shall mean comparative figures for the preceding accounting period. In this connection Bank intent to draw its accounts under INDIAN ACCOUNTING STANDARDS (IND AS) by availing advisory/consultancy services and end to end technological models to assist the Bank in preparation and submission of Ind AS complied financials as also for smooth implementation of Ind AS for the Bank and product deliverable.

Eligibility Criteria

1. The bidder must be either a registered partnership firm or Limited Liability Partnership (LLP) or a Private/Public Limited Company having its own establishment in India for last 3 years. 2. Engaged In Ind AS conversion exercise and/or audit during the last 5 years as on 31 .03.2021, in Banks/ NBFC/Financial Institutions in India with a minimum Balance Sheet size of Rs.50,000 crore (Rs. Fifty thousand crores) (client's balance sheet viz asset side only) during the period of contract (minimum 2 assignment) 3. The bidder should be profit-making consistently for the last three years with revenue/turnover of at least Rs.5 crore (Rs. Five Crores) in each of the last three financial years. 4. The bidder should have at least Twenty Five (25) professionals with relevant qualifications like CA on their payroll permanently employed by them with a permanent office in Chennai. 5. The Bidder should not have been banned / declared ineligible for corrupt and fraudulent practices by any Regulatory body /Statutory Body and should not have any disciplinary proceedings pending against the applicant firm or any of the partners with ICAI/ RBI. 6. The Bidder should not have been black listed by any Govt. Financial Institutions/ Banks/ Government/ Semi Government departments/PSU in India 7. The Bidder firm shall not be a firm / entity whose name is appearing in the Indian Bank Association's Caution List 8. The Bidder's firm should not be owned or controlled by any Director or Employee (or their Relatives) of IOB. To Read More Download PDF Given Below: