Ref. No. NB. HO. DoS. POL/ 4777/ J-1 / 2017-18
14 March 2018
(Circular No. 48 / DoS- 15 / 2018)
All Regional Rural Banks
Concurrent Audit System in Regional Rural Banks - Revision in Guidelines
1. Please refer to our circular No.NB. DoS.CFMC/677/J-1/2017-18 dated 24 May 2017 on the captioned subject.
2. Some banks had sought clarification as to whether RRBs may engage retired officers of any bank or only from its own bank. In this connection, we clarify that the option to consider whether concurrent audit should be done by bank's own staff or external auditors (which may include retired staff of its own bank) is left to the discretion of the Board of individual banks, subject to fulfilment of other conditions prescribed.
3. All other instructions contained in our circulars No.NB.DoS.HO.POL/4915/J-1/2011-12 dated 12 March 2012 and NB. DoS.CFMC/677/J-1/2017-18 dated 24 May 2017 remain unchanged.
4. Please acknowledge receipt of the circular to our concerned Regional Office.
(K Venkateswara Rao)
Chief General Manager