bank audit - Page 2

Bank Audit 2021- NPA & Asset Classification

Non- Performing Asset An asset, including a leased asset, becomes non performing when it ceases to generate income for the bank. Hence, in a simple words a non performing asset (NPA) is a loan or an advance where; – When interest and/ or instalment of principal remain overdue for a period of more than 90 […]...

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Posted Under: CA, CS, CMA |

Bank Audit 2021- Decoding Multiple Banking & Consortiums

In October 1996, various regulatory prescriptions regarding conduct of consortium / multiple banking / syndicate arrangements were withdrawn by Reserve Bank of India with a view to introducing flexibility in the credit delivery system and to facilitate smooth flow of credit. However, Central Vigilance Commission (CVC), Government of India...

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Posted Under: CA, CS, CMA |

Bank Audit 2021- Decoding MSME and Priority Sector Loans

The directions have been issued by the Reserve Bank Of India in the name of Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017. The provisions of such Directions are applicable to every Scheduled Commercial Bank licensed to operate in India by the Reserve Bank of India. Loans to MSME Sector The MSMED [&hellip...

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Posted Under: CA, CS, CMA |

Bank Audit 2021- Decoding Funded Interest Term Loan (FITL)

Funded Interest Term Loan (FITL) is a talk of the Bank Audit season of 2021. The treatment of this advance is not only new but confusing also. There are no clear instructions to deal such accounts which are outstanding as at 31st March 2021. There are also issues related to serving of Interest till 31st […]...

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Posted Under: CA, CS, CMA |

Bank Audits 2021- Decoding Housing Loans

The housing loan is the “Priority Sector Lending”. The Reserve Bank of India, through its Master Direction on the subject of housing loan have advised the bankers adhere to the National Building Code (NBC) formulated by the Bureau of Indian Standards (BIS) in view of the importance of safety of buildings especially against natural dis...

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Posted Under: CA, CS, CMA |

Bank Audits 2021- Decoding Agriculture Advances

by the Banking Institutions. The lending to agriculture sector include Farm Credit (Agriculture and Allied Activities), lending for Agriculture Infrastructure and Ancillary Activities. Farm Credit – Individual farmers Loans to individual farmers and Proprietorship firms of farmers, directly engaged in Agriculture and Allied Activiti...

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Posted Under: CA, CS, CMA |

Bank Audit- Advisory on SC Order dated March 23, 2021

Advisory on Supreme Court Order dated March 23, 2021 regarding Income Recognition and Assets Classification (IRAC) Norms Preamble The honourable Supreme Court had passed following interim order on September 03, 2020 – “the accounts which were not declared NPA till 31.08.2020 shall not be declared NPA till further orders “ The ho...

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Posted Under: CA, CS, CMA |

Checklist for Statutory Bank Branch Audit for Year 2020-21

To The Branch Manager ******* SUB: Statutory Audit of Your Branch for the Year 2020-21 Ref:- ****************, Dated: ****** Respected sir You are Aware that we have been appointed as statutory Branch auditors of your Branch for the year 2020-21 Vide your letter No *************** Dated: ********** We are sure you will keep all the [&hell...

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Posted Under: CA, CS, CMA |

Kolkata HC stays removal of erstwhile Auditors of Allahabad Bank

Gupta Shome and Associates & ors. Vs. Reserve Bank of India & anr. (Kolkata High Court)

It is the case of the petitioners that they have been appointed as Statutory Branch Auditors by the erstwhile Allahabad Bank, which has now been merged into Indian Bank....

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Bank Audits 2021- FLEXCUBE – Introduction & Commands

There are various CBS developed by various software companies created to serve the banking Industry.. The same are available in the market however, out of the all, highly acclaimed and widely used Core Banking Softwares are a) FINACLE by Infosys, b) BaNCS by Tata Consulting Services and c) FlexCube by Oracle Financial Services FlexCube pr...

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Posted Under: CA, CS, CMA |

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