reserve bank of india

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 [...] Full Article

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 [...] Full Article

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 [...] Full Article

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 [...] Full Article

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 [...] Full Article

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 [...] Full Article

According to Ernst & Young, its aluation of Maytas Properties was used inappropriately by Satyam Computer (Q, N,C,F)* Services for its merger with Maytas, reports Business Standard. At the meeting on Dec. 16, 2009 of the Satyam board, ex-CFO Srinivas Vadlamani, now in jail, had said that Ernst & Young had valued the closely-held Maytas [...] Full Article

The Reserve Bank of India, or RBI, has prohibited the statutory auditors of a bank from carrying out any consultancy work for the bank to avoid a possible conflict of interest. Clearing the air: The Reserve Bank of India’s New Delhi office. Its directive comes a week after it asked banks to state whether Price [...] Full Article