RBI tightens norms for banks’ auditors
Posted On : Thursday, July 5, 2018, 1:22 PM
The Reserve Bank of India (RBI) on Wednesday tightened rules on banks’ statutory auditors saying it will take action against them in case of any lapses in their auditing process including instances such as misstatement of a bank’s financial statement or wrong information in the audit report. The RBI move follows a series of bank frauds, including the Rs 13,000 crore Punjab National Bank fraud, and under-statement of bad loans by several banks.
