Remuneration payable to Statutory Central & Branch Auditors of Public Sector Banks from year 2012-13

Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 201 2-13

DBS.ARS.No.BC. 08/ 08.92.001/ 2012-13

June 25, 2013

The Chairman & Managing Director, all Nationalised Banks and
The Managing Director, Associate Banks of SBI

Dear Sir,

Remuneration payable to the Statutory Central and
Branch Auditors of Public Sector Banks from the year 2012-13

Please refer to instructions contained in our circulars DBS.ARS.No.BC.08/08.92.001/ 2006-07 dated June 6, 2007, DBS.ARS.BC. No. 3/ 08.92.001/ 2007-08 dated July 25, 2007, DBS.ARS.BC. No. 07/ 08.92.001/ 2007-08 dated December 20, 2007 and DBS.ARS.BC. No.09/ 08.92.001/2009-10 dated December 31, 2009 on the captioned subject. It has been decided to revise the remuneration payable to the statutory central and branch auditors of public sector banks from the year 2012-13.

A. Remuneration for Central Audit work of the bank

As hitherto, for fixing the remuneration, specific areas of work of the auditors, which have to be taken into account, shall continue to be:

(a)  scrutiny and incorporation of returns of branches and

(b) audit of the Head/Central Office as an accounting unit.

Regarding (a) above, the fees admissible to the statutory central auditors has been fixed at Rs. 750/- per branch in respect of all the branches of the bank in existence as on the date of reference for the audit, irrespective of the fact whether the branches have been taken up for audit or not.

Download Full Text of the Notification No. Ref.DBS.ARS.No. BC. 08/08.92.001/2012-13 Dated 25/06/2013