Regulatory Alerts2026-07-31
Added · Updated
Reserve Bank of India (Commercial Banks – Concurrent Audit) Directions, 2026
These Directions apply to Commercial Banks, excluding Small Finance Banks, Payments Banks, and Local Area Banks, and come into effect immediately upon issuance. They mandate that the Audit Committee of the Board or Local Management determine the scope, tenure, and remuneration of concurrent audits, with external auditor tenure capped at five years and branch-level tenure at three years. The regulations require coverage of risk-sensitive areas, including cash, loans, KYC/AML, and treasury operations, and establish reporting protocols for irregularities and fraud. Existing concurrent audit guidelines for these banks are repealed, while actions taken under them remain governed by the previous provisions.
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