Statutory Audit Policy For FY 2022-23

This policy is with reference to RBI Circular dated 27th April, 2021 (RBI/2021-22/25 Ref.No.DoS.CO.ARG/SEC.01/08.91.001/2021-22) on Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)

Applicability

The captioned circular is applicable to All Primary (Urban) Co-operative Banks (UCBs) from FY 2021-22 and onwards for appointment / re-appointment of Statutory Auditors (SAs).

Prior approval of RBI.

UCBs are required to take prior approval of RBI (Department of Supervision) for appointment / re-appointment of SAs, on an annual basis in terms of the above-mentioned statutory provisions. For the purpose, UCBs have to apply to Department of Supervision, RBI before 31st July of the reference year.

For the purpose, all UCBs under Mumbai Region shall approach the Central Office of RBI (Department of Supervision).