Confederation of Indian Industry (CII) has opposed the RBI’s new rules regarding Bank Audit. As changing auditors throw up enormous operational difficulties and are disruptive for banks and non-banks, CII claims.
RBI on 27thApril, asked banks and Non-Banking Financial Companies (NBFC), excluding those who don’t take deposits and have below Rs 1000 crore asset, to bring in immediately new auditors, in case firm has completed 3 years of audit of bank or NBFC.
However, banks and NBFCs having asset size of Rs 1500 crore or more were asked to appoint Joint auditors.
Consequently, After CII, NBFC association, Finance Industry Development Council (FIDC) has opposed these rules and has written a letter to RBI.