1. Punjab National Bank invites applications from Retired Officers (from Scale III up to Scale V) of Punjab National Bank, who fulfill the eligibility criteria as mentioned here under and have honorably retired up to 31.12.2017 with satisfactory service record, for empanelment as Concurrent Auditor.

2. The application is to be submitted ON-LINE only through internet at the following address :

3. Mere submission of application for empanelment or approval of the name for empanelment does not, in any way, constitute guarantee for allotment of the audit job of any nature from the bank. The allocation of branches to the auditors is the prerogative of the Bank.

4. It is only a contractual work for a specific period and the Retired Officers so assigned the work are not entitled to claim any regular employment or any other benefit in the bank in future.

Eligibility Criteria :

6. Concerned retired official must have:

i) Officer in MMG Scale III or above (upto Scale V) who retired honourably from our bank, on completion of the stipulated age of retirement.

ii) An experience of minimum of 20 years service in our bank with a satisfactory track record.

iii) Branch experience of 5 years as an officer.

iv) Worked either as an Incumbent In charge for a period of minimum 2 years.


Handled credit portfolio of a branch as an officer for a period of 2 years.


Handled credit at CO / FGMO / HO level as an officer, for a period of 2 years.

v) Fresh Concurrent Audit assignment may be given to a Retired Staff of our own bank up to the age of 65 years or completion of last quarterly audit assignment, whichever is later.

vi) A sound health i.e. he/she must be medically fit to carry out the assignment of concurrent audit (A certificate from a MBBS Doctor be submitted).

7. Terms & Conditions:

i) The tenure of the concurrent audit would be initially for one year and would be extended for a further period of two years (overall three years), based on the performance of the auditor in the first year.

ii) Assignment will be subject to review on Quarterly basis as on the last day of March, June, Sept. & December by the Incumbents of ZAOs.

iii) In case of unsatisfactory performance for 2 consecutive quarters, the assignment will be cancelled, even before completion of the period of assignment. Executive Director will be the competent authority for such cancellation.

iv) Retired Staff of own bank appointed as auditor will carry out the concurrent audit related activities including verification of security as per bank norms.

Contd 2


v) Branch assigned to Retired Staff of own bank appointed as auditor shall be within a maximum distance of 75 KMs from his / her residence.

vi) The eligible retired staff of own bank appointed as auditor will be given audit assignment of only one branch.

vii) Operational guidelines will be handed over to the selected Retired Officer, at the time of handing over the assignment.

viii) The Retired Officer who is so selected for the assignment should attend the office / branch allotted on all working days and should be present in the branch during the working hours.

8. Fee payable / Expenditure Involved:

i) The criteria of total business & monthly fee payable to such Retired Officials is as under subject to deduction of Income Tax at source, if any.:

Total Business Fee payable
(per month)
Branches having business up-to Rs.300 crore Rs.25,000/- + GST
Branches having business above Rs. 300 crore and up to Rs.1000 crore Rs.31,500/- + GST
Branches having business above Rs. 1000 crore Rs.37,500/- + GST

ii) Besides, monthly conveyance is also payable strictly on the basis of monthly attendance of the EROs @ Rs.100/- per day in Metros & Capitals and @ Rs.50/- per day at all other places +GST, if applicable.

9. The Retired Official will undertake that he / she will not sub-contract / sub-assign the audit assignment.

10. Incomplete application or application without requisite enclosures will not be entertained.

11. Only those applications which are submitted on-line will be considered. HARD COPIES RECEIVED THROUGH POST / COURIER / BY HAND OR THROUGH E-MAIL WILL NOT BE ENTERTAINED. The officer who has submitted any such application earlier to the date of this notice, is required to apply afresh within the stipulated period, if he / she meets the requirements for empanelment.

12. The retired officers who are already empanelled as concurrent auditors, need not apply again.

13. The application is to be submitted on-line at the following address :

14. Portal for submitting on-line applications will remain open up to 17.02.2018.

(Republished with Amendments)

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June 2021