The This has reference to the trailing mail regarding above cited subject, we may inform that the name of applicant "XYZ& CO. UCN XXXX" was forwarded by RBI to the following banks which opted for managerial autonomy in the matter of appointment of auditors.
- State Bank of India
- Allahabad Bank
- Bank of India
- Bank of Baroda
- Canara Bank
- Central Bank of India
- Indian Overseas Bank
- Oriental Bank of Commerce
- Syndicate Bank
- Punjab National Bank
- UCO Bank
- Union Bank of India
- Andhra Bank
- Punjab & Sind Bank
- Bank of Maharashtra
These banks selected their auditors from the list forwarded by RBI and remaining names were sent back to RBI for appointment in remaining banks:
- Corporation Bank
- Dena Bank
- Indian Bank
- United Bank of India
- Vijaya Bank
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of Indore
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
The auditors in remaining eleven banks were appointed keeping in view the certain criteria; few of them are as follow:
- SBAs being appointed to audit branches should be located in the centers in which their offices are situated or branches located in centers which are in close proximity to their offices.
- Banks to have a suitable mix of various categories of auditors / audit firms while selecting the SBAs keeping in view the size of the branches to be audited.
In view of the above, it is possible that the name of the firms which were appearing in the list of non continuing auditors forwarded by RBI to the banks which opted for managerial autonomy does not find place in the final allotment list for the year 2009-10.
Ajay Kumar
Professional Development Committee
The Institute of Chartered Accountants of India,
'ICAI BHAWAN',
Post Box Number 7100,
Indraprastha Marg,
NEW DELHI - 110 002.
India
Telephone - Direct +91 11 30110444
Telephone - Board +91 11 39893989 Extn: 444
Fax: +91 (11) - 30110583
Website: www.icai.org
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