Bank employees DA chart on Special Pay for May-July 2021
The confirmed DA for bank employees and officers from 1st May 2021 will decrease by 0.56 compared to last quarter. Based on the CPI announced by the Labour Bureau today, the average index number would be 7818. It means Dearness Allowance for the bank staff will be 366 slabs (25.62 %) or a decrease 8…
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Concurrent Audit System in Banks
In our previous posts we talked about In our previous posts we talked about various types of audits conducted in banks such as (1) Statutory Audit (2) Long Form Audit Report 3) What is a forensic audit? (4) What is a Legal Audit? (5) Emergence of Risk-Based Internal Audits in Banks (7) Tax audit, and (8) What is the stock audit? For details, you may read those articles.…
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RBI caps tenure of bank MD/ CEO and issues direction on composition of the board
The Reserve Bank of India on Monday issued certain instructions on the governance for banks, including private banks, Small Finance Banks (SFBs), Wholly Owned Subsidiaries of Foreign Banks (not applicable to foreign banks operating as branches in India). In respect of the State Bank of India and Nationalised Banks, these guidelines would apply to the…
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Statutory audit of banks explained
In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. In this post let us study what is a statutory audit. RBI issues new guidelines for the Appointment of Statutory…
Read article Which are the Tax-Related Items verified by the bank’s statutory auditors?
The Reserve Bank of India in consultation with the ICAI appoints qualified Chartered Accountants as Statutory Auditors of the banks. The auditor appointed as statutory auditor of a bank branch shall conduct the audit at the end of the financial year i.e.as of 31st March of the relevant year. Nowadays, the bank branches are working…
Security Arrangements in banks and ATMs
Given the prevailing law and order situation and other subversive activities carried out by antisocial/extremist organizations in the country mainly targeting the banks, the Reserve Bank of India and Indian Bank Association had prepared checklists of guidelines for stringent security arrangements for implementation in banks. The “Report of the Working Group to Review Security Arrangements…
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