F. No. 7/31/2012 -BOA.I
Government of India
Ministry of Finance
Department of Financial Services

3rd floor, Jeevandeep Building
Sansad Marg, New Delhi – 110 001
Date: 25.3.2020

To:
1. Chairman, State Bank of India
2. Managing Director and CEOs of nationalised banks

Subject: Statutory audit of annual accounts of Public Sector Banks

Sir/madam,

1. This Department’s letter of even number, dated 10.2.2012 regarding the above subject (copy enclosed for ready reference) is hereby withdrawn

2. As listed entities, addressee banks would, however, adhere to any regulation issued by the Securities and Exchange Board of India in this regard.

Yours faithfully,

End.: as above

(Amit Agrawal)
Joint Secretary to the Government of India
Tel: 23748765
Email: boal-dfs@nic.in

Copy with enclosure, to:

1. All Government nominee directors on the Boards of the banks concerned.

2. Chief General Manager in charge , Department of Supervision, Reserve Bank of India

MOST IMMEDIATE

F.No.7/31/2012-BOA
Government of India
Ministry of Finance
Department of Financial Services

Jeevan Deep Building
Parliament Street
New Delhi, the 10th February, 2012

The CEOs of

All Public Sector Banks

Sub:- Statutory Audit of annual accounts of public sector banks.

Sir,

I am directed to say that it has been observed that in case of man) public sector banks, their annual financial results are declared in the month o May / June and annual general meetings are called in June, July or even late to get the annual financial results ratified by the shareholders of the bank The dividend is paid to the shareholders of the Bank only after the annual financial results are ratified by the shareholders of the banks.

2. In order to bring promptness and uniformity, it has been decided that after closure of accounts on 31st March of the financial year, the PSBs will follow the following schedule in this regard –

(Latest by)
Completion of Statutory audit of annual financial results 15th May
Adoption of accounts by Audit Committee of Board (ACB) and the Board of the Bank 18th May
Submission of results to RBI and Gol 25th May
Adoption of the accounts of the preceding financial  year by the general body of the Bank 30th June

3. You are requested to kindly ensure that the above guidelines are complied with, in letter and spirit.

4. You are requested to kindly acknowledge receipt of this letter.

Yours faithfully

(M M. Dawla)
Under Secretary to the Government of India
Tel   011 – 23748731
Fax : 011- 23742207
011 -23747018
E-mail – boa@nic.in

Copy to ‑

All Government nominee Directors on the Boards of PSBs

Download PDF Copy of Bank Audit Instruction

More Under Fema / RBI

Leave a Comment

Your email address will not be published. Required fields are marked *