Applying for a loan? Check if you’ve paid your telephone bill or insurance premium first. Soon, your loan proposals will not depend only on your credit card and debt payment record with banks but also on whether you’ve paid your phone bill, insurance premium and stock broker dues on time.The Reserve Bank of India on [...]

The list of 18672 audit firms, which have been recommended by the RBI for statutory branch audit assignments in public sector banks during the year 2008-09 is hosted on the website. Members are requested to click on the link given below the announcement. Thereafter push the keys (Ctrl+f) together. A small window would open at [...]

. Attention of the members carrying out audit of financial statements of banks for the year ended March 31, 2009, is drawn to Reserve Bank of India’s circular no. DBOD.BP.BC.No. 105/21.04. 132/2008- 09 dated February 4, 2009 on Prudential Guidelines on Restructuring of Advances by Banks. The said circular: · Applies to advances to which [...]

Do auditors – facing flak for endorsing falsified accounts in the Satyam scandal – have enough time to do their work properly? The Institute of Chartered Accountants of India (ICAI), trying to save the profession’s credibility under assault this year, has underlined the need to give central statutory auditors sufficient time to prepare audit reports. [...]

The Reserve Bank of India (RBI) has appointed global management and consultancy firm ERNST & YOUNG to review the performance of its 80 chief general managers. According to an RBI spokesperson, E&Y will design and facilitate a 360-degree evaluation of the senior functionaries and a give feedback to the central bank. * The 360-degree evaluation [...]

In order to restore credibility in the Satyam-tainted work of auditors, the Institute of Chartered Accountants of India (ICAI), the apex body that regulates the profession of chartered accountancy in India, is considering various options, including demanding more powers for itself. “The institute needs to have more teeth and there is need to make changes [...]

The Institute of Chartered Accountants of India (ICAI) has approached the Finance Ministry and the Reserve Bank of India (RBI), seeking a reversal of their decision to liberalise the system for appointment of statutory branch auditors by public sector banks (PSBs). Until three years ago, RBI allotted such branch auditors, based on a panel of [...]

As per the Reserve Bank of India (RBI)’s guidelines on lending to Priority Sector, the following types of home loans extended by the Scheduled Commercial Banks (SCBs) are eligible to be classified as Priority Sector Advances :- i) Loans upto Rs. 20 lakhs, irrespective of location, to individuals for purchase/constructi on of a dwelling unit [...]

CA. Uttam P. Agarwal, President, CA. Amarjit Chopra, Vice-President and CA. Anuj Goyal, Chairman, PDC along with other representatives of ICAI had an interaction with Shri P.S. Sharma, General Manager and Shri S. Ramachandran, Dy. General Manager, Department of Banking Supervision, Reserve Bank of India on 9th February, 2009. The major issue was managerial autonomy [...]

RESERVE BANK OF INDIA Department of Banking Operations and Development,Central Office, 12th floor, Shahid Bhagat Singh Marg,Mumbai – 400001- Tel No: 91-22-22661602 Fax No: 91-22-22705691/22705693 Email ID:cgmicdbodco@rbi.org.in RBI/2008-2009/379 DBOD.No. BP.BC.110/08.12.001/2008-09 February 10, 2009 The Chairman & Managing Directors / Chief Executive Officers of All Scheduled Commercial Banks (Excluding RRBs and LABs) Dear Sir, Lending under [...]