Reetu | Mar 9, 2023 |
Out of Total 84000 Bank Branches in India only 34000 will be audited as per RBI policy
As per Reserve Bank of India(RBI) Policy, only 34000 Bank Branches will be audited out of Total 84000 Bank Branches in India.
From next year, PSU banks are given discretion to determine business coverage under bank audit.
(i) For FY 2022-23, statutory branch audit of PSBs shall be carried out so as to cover a minimum of 70% of all funded and 70% of all non-funded credit exposures of the bank.
(ii) For FY 2023-24 and onwards, the PSBs are being given the discretion to determine business coverage under statutory branch audit, as per their Board approved policy, after considering bank-specific aspects relating to business and financial risks, including guidelines contained in paragraphs 5 to 9 and elsewhere this circular.
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