RBI Notifies 2 Changes in Norms for PSB Bank Branch Audit

The Reserved Bank of India (RBI) has notified the new norms for Statutory Branch Audit (SBA) of the Public Sector Banks (PSB). These SBA norms shall be applicable from FY 2020-21onwards.  The new SBA Policy of RBI has 2 major changes that will be applicable form this financial year. Rest all other norms are just the same.

Those 2 changes are in respect of selection of branches of PSBs for Statutory Audit, and removal of cooling period for Bank branch Audit.

We shall understand in detail these 2 major changes in the PSB Statutory Audit Norms.

• Selection of Branches of PSBs for Statutory Audit
• Removal of the Cooling period for Bank branch Audit