Regulatory Alerts2026-07-31
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Reserve Bank of India (Commercial Banks – Statutory Audit) Directions, 2026
The Directions mandate joint statutory audits by a minimum of two audit firms for commercial banks with assets of ₹15,000 crore or above, while setting maximum auditor limits based on asset size tiers up to ₹20,000 crore. Eligibility criteria for auditors require specific numbers of full-time partners, Fellow Chartered Accountants, and staff with CISA/ISA qualifications, scaled to the bank's asset size, and impose a three-year tenure with a six-year cooling-off period for reappointment. The rules restrict concurrent audits for firms, prohibit appointment if a partner serves as a director in the bank or its group entities, and require prior approval from the Department of Supervision for all auditor appointments.
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