SBI Hyderabad, invites applications for the empanelment of Chartered Accountant (CA) firms as Concurrent Auditors to conduct audits at various branches, Centralized Processing Centres (CPCs), and special units, with the application deadline for the current cycle being May 31, 2026. Eligible firms must have RBI grading (I, II, or III), previous concurrent audit experience, and no conflicts of interest, such as being existing statutory auditors for SBI.

Key Eligibility Criteria

• RBI Grading: Only CA firms with RBI grade 1, 2, or 3 are eligible; Grade 4 firms are not accepted.
• Experience: Firms must have at least one year of concurrent audit experience in any commercial bank.
• Staffing: Sufficient qualified CAs, retired bank officers, or trained article clerks must be available.
• Location: The firm should ideally have an office in the center/location where the branch/outfit is located.
• Conflict of Interest: Firms currently working as statutory auditors, forensic auditors, or existing concurrent auditors for SBI are ineligible.

• Deadline: 31st May 2026.
• Submission: Applications must be submitted in the prescribed format, often requiring both online (if applicable) and physical submission to the Circle Audit Office.

• Documents: Self-attested copies of ICAI registration, experience certificates, and partnership deeds must be included.
• Submission Address: The Deputy General Manager (HR, Admin. & Ops), State Bank of India, HR Wing, Internal Audit Department, Corporate Centre, Hyderabad (or as specified in the official tender document).

• SOP for Empanelment of CA Firms
• ANNEXURE -I – APPLICATION FORM
• ANNEXURE -II- CAO ADDRESS & CONTACT DETAILS
• ANNEXURE III – SCOPE OF AUDIT
• ANNEXURE-IV TERMS AND CONDITIONS
• Annexure-V Penalty Clauses
• Annexure-VI LIST OF CENTRES

Related News

• Manual on Concurrent Audit of Banks (2023 edition)
• Empanelment for concurrent Audit of Punjab National Bank
• Application for Empanelment of Concurrent Auditors in Union Bank of India for the F. Y. 2022-23
• RBI Recruitment 2022: Recruitment for Grade B posts in Reserve Bank of India, salary will be more than 55000
• Empanelment Opportunities for Concurrent Auditors at Canara Bank

Breaking News- ICICI Bank reduces minimum balance for savings accounts to Rs 15,000 from Rs 50,000 in urban areas.

ICICI Bank has revised its savings account requirements for new customers, lowering the minimum monthly average balance (MAB) for metro and urban locations to Rs 15,000. The change applies to accounts opened from 1 August 2025 and follows feedback from customers.

Who Is Covered
The revised MAB now stands at Rs 15,000 for metro and urban accounts, Rs 7,500 for semi-urban, and Rs 2,500 for rural locations. Pensioners below 60 years and students from 1,200 selected institutions will not have a minimum balance requirement.

Who Is Exempt
Salary accounts, senior citizens’ accounts, basic savings bank deposit accounts, and accounts for people with special needs are excluded from the new rules. Accounts opened before 31 July 2025 will continue under their existing terms.

Service Charges and Penalties
If the required MAB is not maintained, a charge of 6% of the shortfall or Rs 500, whichever is lower, will be applied. Customers enrolled in premium programmes such as Select Banking, Wealth Management, or Private Banking can avoid these charges if they meet programme eligibility criteria.

Other Account Fees
ICICI Bank has outlined transaction limits and fees for ATM withdrawals, branch cash transactions, and services such as cheque returns and debit card replacements. For example, customers can make up to five free ATM transactions at non-ICICI ATMs per month, with a maximum of three in metro cities. Cash transactions at branches are free for up to three transactions or Rs 1 lakh per month.

The due date for submitting the annual census on PLA as an end March-2025 on the FLAll portal has been extended to July 31. 2025.

The Foreign Liabilities and Assets (FLA) return for the Financial Year 2024-25 is generally due by July 15, 2025.

However, based on the information available, the due date for filing the FLA return for FY 2023-24 was extended to July 31, 2025, due to technical glitches.

While the information you provided states that the due date “is extended by 15 days i.e. July 31, 2025” for FY 2024-25, this appears to be a specific instruction or announcement you’ve received, as the general and publicly available information for FLA returns for FY 2024-25 (which would be reported as of March 31, 2025) still indicates a July 15, 2025 deadline.

It’s important to rely on official notifications from the Reserve Bank of India (RBI) or your compliance advisor for the most accurate and up-to-date information regarding extensions.

In summary:

• Standard Due Date: July 15, 2025, for FLA return for FY 2024-25.
• Your Information: You’ve mentioned an extension to July 31, 2025. This might be a recent, specific announcement.
• Action: Always verify with the latest official RBI circulars or your compliance professional to confirm any extensions.

NFRA pushes for stronger auditor-audit committee coordination in companies to boost corporate governance

India’s audit watchdog has called for greater coordination between audit committees and auditors of companies in a bid to strengthen corporate governance and improve the reliability of financial reporting.

In a guidance published on its website, the National Financial Reporting Authority (NFRA) has said that audit committees, which are typically led by independent directors, need to have deeper interactions with companies’ statutory auditors for better understanding of future tax savings, profitability and liabilities.

To be sure, NFRA’s guidance is addressed to all companies. Entities under its oversight include listed and large unlisted companies, insurance and banking companies and electricity utilities.

According to NFRA, such close engagement will ensure that financial statements are not passed by the auditor in a routine manner. The idea is to ensure greater accountability of management judgements in financial statements by bringing in checks and balances so that the professionals tasked with governance oversight can detect signs of financial failure or fraud early on and prevent a collapse.

Audit committees in companies, which act independently of the management that prepares financial statements, asking critical questions to the statutory auditor of the company—another gatekeeper of corporate governance, will help in testing management assumptions thoroughly.

NFRA said that significant judgement is involved in assessing the likelihood of realizing deferred tax asset (DTA) or future tax savings. The audit committee should be informed about the methodology used to assess the recoverability of DTAs and impact on them from changes in business operations, tax laws, or economic conditions.

Experts lauded the move, with Nemish Kapadia, partner at chartered accountancy firm Sudit K Parekh & Co LLP saying that effective two-way communication between the auditor and the audit committee (or those charged with governance in case of unlisted companies) is indispensable while conducting an audit of financial statements.

“This involves, among other things, discussion on key areas involving estimates and judgements,” Kapadia said. “Review of deferred tax assets, which inherently relies on assumptions regarding future taxable profits, including uncertain tax treatments, where material, can be one such area of discussion.”

He added that the first line of defence in ensuring that the estimates are reasonable and the underlying assumptions are appropriate lies with the management and the internal controls they have established. “For the audit committee, review of these controls is critical in discharging their oversight responsibility,” said Kapadia.

“A constructive and informed dialogue on such areas between the auditor and audit committee where the company has one and ‘those charged with governance’, in case of other non-listed companies, can significantly contribute in achieving the defined goals of both the parties,” added Kapadia.

Advocacy is a key part of NFRA’s efforts to ensure that statutory auditors critically question the assumptions in financial statements and the assertions of the management. The audit watchdog has been making efforts to improve the credibility of the financial statements, which could further enhance the appeal of India’s corporate sector as an investment destination.

Board of directors of companies are required to state in their annual report that they have opted for accounting policies and reasonable and prudent judgements to give a true and fair view of the state of the affairs of the company.

Reserve Bank of India has updated KYC norms. Banking correspondent (BC) can now update KYC. This includes NGOs, SHGs, MFIs and even local kirana shop owners. Customers can submit self-declarations through BCs. Banks must give three advance intimations for KYC updates. RBI aims to ease KYC updation and reduce service delays. Read below to know more about RBI’s new KYC rules.

The Reserve Bank of India (RBI) has amended two processes related to know your customer (KYC) norms for ease and convenience of banking customers. In a notification dated June 12, 2025, the RBI said that now banking correspondent (BC) are permitted to conduct updation or periodic updation of KYC. Similarly the RBI also said that banks have to give at least three advance intimations including at least one intimation by letter to customers for complying with the periodic KYC updation process.

Just to give you a context, banking correspondents are NGOs, self-help groups (SHGs), micro finance institutions (MFIs) and other civil society organisations (CSOs) who are contracted by the bank to act as its agent. Your local kirana shop owner can also empannel as a BC, if he has got the necessary permission from the bank.

According to the Union Bank of India website: “Business Correspondent is an extended arm of the Bank Branch who is providing Financial and Banking services to the customers in unbanked and underbanked areas.”

What did the RBI say about the change in KYC updation process?
The RBI said in the notification:

1. Use of Business Correspondent (BC) by banks for Updation/ Periodic Updation of KYC

• Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained through an authorized BC of the bank. The bank shall enable its BC systems for recording these self-declarations and supporting documents thereof in electronic form in the bank’s systems

• The bank shall obtain the self-declaration including the supporting documents, if required, in the electronic mode from the customer through the BC, after successful biometric based e-KYC authentication.
• Until an option is made available in the electronic mode, such declaration may be submitted in physical form by the customer. The BC shall authenticate the self-declaration and supporting documents submitted in person by the customer, and promptly forward the same to the concerned bank branch.

• The BC shall provide the customer an acknowledgment of receipt of such declaration /submission of documents. The bank shall update the customer’s KYC records and intimate the customer once the records get updated in the system, as required under paragraph 38(c) of the Master Direction ibid.
• It is, however, reiterated that the ultimate responsibility for periodic updation of KYC remains with the bank concerned.

2. Due Notices for Periodic Updation of KYC

The RBI said in the notification:

• The Regulated Entity (RE) shall intimate its customers, in advance, to update their KYC. Prior to the due date of periodic updation of KYC, the RE shall give at least three advance intimations, including at least one intimation by letter, at appropriate intervals to its customers through available communication options/ channels for complying with the requirement of periodic updation of KYC.

• Subsequent to the due date, the RE shall give at least three reminders, including at least one reminder by letter, at appropriate intervals, to such customers who have still not complied with the requirements, despite advance intimations.
• The letter of intimation/ reminder may, inter alia, contain easy to understand instructions for updating KYC, escalation mechanism for seeking help, if required, and the consequences, if any, of failure to update their KYC in time.
• Issue of such advance intimation/ reminder shall be duly recorded in the RE’s system against each customer for audit trail. The RE shall expeditiously implement the same but not later than January 01, 2026.

Why did RBI come up with this development about letting BCs conduct KYC?

The RBI said this new development will help many customers and what prompted this new development was the fact that many people faced issues with their periodic KYC updation. This delay in KYC updation, resulted in delay in various services like direct benefit scheme, scholarships, etc.

“The Reserve Bank has observed a large pendency in periodic updation of KYC including in the accounts opened for credit of Direct Benefit Transfer (DBT)/ Electronic Benefit Transfer (EBT) under Government schemes to facilitate credit of DBTs and/ or scholarship amount (DBT/ EBT/ scholarship beneficiaries) and accounts opened under PMJDY,” said the RBI in the notification.

The RBI said: “The banks are advised to organize camps and launch intensive campaigns including special camps, focusing on periodic updation of KYC, especially in rural and semi urban branches and the branches having large pendency in periodic updation of KYC. The banks may also facilitate the process of activation of such accounts by taking an empathetic view as indicated in the circular DoS.CO.PPG.SEC.12/11.01.005/2024-25 dated December 2, 2024.”

Shikhar Aggarwal, Chairman, BLS E-Services, says: “By simplifying KYC processes while ensuring regulatory compliance, the new guidelines will enable faster customer onboarding, promote the adoption of formal financial services, and facilitate withdrawals under Direct Benefit Transfer (DBT) schemes.

Other simplification measures taken by RBI about customer onboarding and updation/ periodic updation of KYC

According to the annexure in the notification, here are the steps taken by the RBI for simplifying the KYC process:

The processes of onboarding customer and updation/ periodic updation of KYC have been simplified and the same are given below:

A. Face-to-face mode for onboarding the customer

1. Customer may be onboarded in face-to-face mode through Aadhaar biometric based e-KYC authenticating and, in such case, if customer wants to provide a current address, different from the address as per the identity information available in the UIDAI database (i.e., Central Identities Data Repository), he may give a self-declaration to that effect to the RE (ref. paragraph 16 of the Master Direction on KYC).
2. Further, Digital KYC process is also allowed for customer onboarding.

B. Non-face-to-face (NFTF) modes for onboarding the customer

1. Consent-based onboarding of customers in NFTF mode may be done using Aadhaar OTP based e-KYC authentication which is subject to certain conditions (ref. paragraph 17 of the Master Direction on KYC). Further, such account shall be placed under strict monitoring, and Customer Due Diligence (CDD) procedure shall be completed within a year.
2. Customer onboarding in NFTF mode using digital modes such as KYC Identifier, equivalent e-documents, documents issued through DigiLocker, and non-digital modes such as obtaining copy of OVD certified by additional certifying authorities as allowed for NRIs and PIOs are subject to certain conditions.

C. Customer onboarding using Video based Customer Identification Process (V-CIP)

1. V-CIP is an alternate method of CDD by an authorised official of the RE by undertaking seamless, secure, live, informed and consent based audiovisual interaction with the customer to obtain identification information required for CDD purpose
2. V-CIP is treated on par with face-to-face onboarding.

D. Simplified process of updation and periodic updation of KYC

1. Self-declarations – REs are allowed to obtain self-declaration regarding “no change in KYC information” or “a change only in address details” from customers using digital and non-digital modes, through customer’s email / mobile number registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile application of RE), letter, BCs, etc.
2. The updation/ periodic updation of KYC records are allowed to be carried out at any branch of the RE with which the customer maintains the account.
3. Aadhaar OTP based e-KYC and V-CIP are permitted for the purpose of updation/ periodic updation of KYC.
4. The REs have been directed to update customers’ KYC information/ records based on the update notification received from CKYCR.

Aggarwal from BLS E-Services, says: “The introduction of video-based KYC by the RBI will enable seamless customer onboarding and updates. This facility will also help reactivate inoperative accounts.”

When Indian companies tighten their budgets, the consulting and auditing firms that support them adjust accordingly. The group known as the Big Four – KPMG, EY, PwC, and Deloitte – has begun to slow down promotions, rethink salary increments, and reduce the number of seniors promoted to partner positions.

“A significant number of our major consulting clients, particularly in the global IT sector, have reduced their growth rate, triggering a ripple effect. Consequently, our promotion numbers are expected to decrease, and salary increments and bonuses typically awarded in August/September will likely be affected,” stated a senior partner from one of the Big Four firms.

Recently, Deloitte announced its promotion statistics in India. Mint discovered that around 4,600 individuals received promotions, down from approximately 5,000 the prior year – reflecting an 8% decline. This included only 74 individuals who were made partners or executive directors, compared to 150 the previous year.

EY also revealed its partner promotions last week. According to Mint, 110 senior executives were promoted to partner, whereas last year, the figure was 124.

Deloitte did not respond to inquiries from Mint. EY declined to comment on last week’s partner promotions.

“To meet our clients’ growing demands and market activities, we continue with our hiring pace, bringing in about 13,000 new employees each year. While our appraisal cycle is still a quarter away, we expect our promotion figures to align closely with those of past years,” said Arti Dua, partner and talent leader at EY India, in an email to Mint.

The partnership structure in consulting and auditing firms is akin to that of law firms. Equity partners contribute financially to the firm, attract clients, and receive a proportion of the firm’s revenue, while regular partners are senior members who earn a fixed salary and bonuses.

There are approximately 3,000 partners among the Big Four, and senior industry executives suggest that pay increases last year were within the 7-9% range. This year, such hikes may be reduced to around 5-7%.

Focus on High Performers

KPMG in India acknowledged that external market conditions will influence their upcoming salary adjustments.

“While industry trends and external pressures may affect increments, bonuses, and promotions, we remain committed to meritocracy, ensuring that top performers are recognized and compensated competitively,” remarked Reena Wahi, partner and head of people, performance, and culture at KPMG in India.

Despite the challenges posed by a sluggish global economy, KPMG remains dedicated to investing in its workforce, sparking innovation, and delivering value to clients, according to Wahi.

PwC did not respond to Mint‘s inquiries regarding promotions and salary adjustments.

Professional services firms are undergoing restructuring due to slower growth and intensifying regulatory scrutiny in global markets, as reported by The Economic Times in April.

Layoffs in major global IT companies like Microsoft have created uncertainty throughout the sector. Mixed hiring and pay increase signals are emanating from India’s IT giants – Tata Consultancy Services Ltd, Infosys Ltd, HCL Technologies Ltd, Wipro Ltd, and Tech Mahindra Ltd – as they navigate challenges related to the US tariff policies enacted by President Donald Trump.

As reported by Mint in May, many startups have cut back on hiring as they reassess their strategies and the impact of artificial intelligence on their operations. Prominent tech companies such as Zomato, Cars24, and Gupshup have also initiated layoffs during the January-March quarter.

For the Big Four, while salary increases have yet to be announced, adjustments may occur in light of geopolitical issues, trade disputes, and cautious client strategies. Deloitte had previously estimated an average salary increase of 8.8% for India Inc, while Aon projected 9.2%.

Banks will now decide the remuneration and select Auditors

Can someone tell how does the banks identify the best talent ??

Also, RBI increased the remuneration after 10 years, and that too 10%. I hope RBI knew of the Inflation Rate

The National Financial Reporting Authority (NFRA) on Tuesday brought out revised Standards on Auditing 600 (SA) to match the International Standards on Auditing (ISA 600). This is for public consultation to address “the severely deficient quality and serious lack of due diligence” found in group audits in India.

The revised standards have been proposed by NFRA for audits of listed companies and public interest entities, except public sector enterprises, public sector insurance entities, public sector banks and their branches.

This would bring a total of 17,450 listed holding companies and their subsidiaries, including unlisted ones, under the ambit of the revised standards, NFRA said.

NFRA — while inviting public comments — has said that inherent complexity of group structures cannot be handled by the 2002 version of SA 600 currently practised in India. Internationally, these standards were revised in 2009.

“The primary reason for proposing adoption of a revised standard for group audits is to help safeguard public interest and investor protection, and the need for a standards framework that is robust enough to meet the challenges posed by complex financial systems today,” it said.

The revised standards deal with special considerations that apply to an audit of group financial statements.

The revised standards hold that the group auditor is ultimately responsible for the audit.

Group auditor under revised standards would also evaluate the component auditor’s communications and the adequacy of his work.

The regulator was addressing concerns raised by the Institute of Chartered Accountants of India (ICAI) on concentration of audit with a few big firms. It said the total number of entities under the NFRA domain and their subsidiaries together account for only about 1.8 per cent of the total active companies in the country.

“The audit of around 98 per cent of the companies may not be impacted by the revision in the standard. In other words, there may not be any significant impact on the number of audits done by small and medium audit firms,” NFRA said.

According to sources, ICAI is concerned that adoption of the ISA 600 will result in an unwarranted situation. It will lead to concentration of audit work with a few large firms. This will adversely affect small and medium practices, which is detrimental for growing economies like India.

The Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) have conveyed their in-principle agreement for the need to revise the existing standards.

The Comptroller and Auditor General of India (CAG) suggested stakeholder consultation and a graded approach in shifting to the revised standards. 

It cited examples of its own orders in matters including Reliance Capital, Reliance Home Finance, Reliance Commercial Finance Limited — together with an alleged fraud of Rs 29,000 crore.  Also, other examples are — Coffee Day Global Limited, with an alleged fraud of Rs 3,500 crore, and Dewan Housing and Finance Limited, with alleged fraud of Rs 34,000 crore.

A mechanical reliance was placed by the principal auditor on the work of the other auditor without assessing the special circumstances that required additional audit procedures.

NFRA said that across the above cases, there were several obvious indications of syphoning off of funds through subsidiaries including promoter-controlled subsidiaries.
Also there was non-consolidation of significant subsidiaries in the consolidated financial statements.

There were also non-performance of adequate audit procedures in the identification, assessment and conclusions of risk of material misstatement and failure to verify related-party transactions.
A senior partner at a Big Four firm said it is essential to prioritise these efforts.

This is because many Indian companies have expanded or intend to expand across borders and global investors continue to look to invest in India.

“With an effective regulatory framework in place, which is well aligned with global standards, we are confident that fairness and transparency will be upheld,” the senior partner said. 

The issue of adopting the ISA 600 was discussed in the last board meeting of NFRA attended by regulators, including RBI, Sebi and ICAI. It also had representatives from the ministry of corporate affairs.  

WHAT REVISED STANDARDS SAY

Special considerations applying to an audit of group financial statements 

Group auditor responsible for audit

Group auditor to also evaluate component auditor’s communications

They would also be responsible to evaluate the component auditor’s adequacy of work

Paytm Fastag Update

Paytm Fastag will stop from tomorrow, change ban Paytm Fastag will be closed from March 15. Money will not be transferred to Paytm Payments Bank account through UPI or IMPS. In such a situation, NHAI has suggested Paytm Fastag users to transfer Fastag to other banks to avoid double charges or fines at highway toll plazas.

Paytm Fastag Update

Starting from March 15, Paytm Fastag services will cease, making it impossible to transfer money to Paytm Payments Bank accounts via UPI or IMPS. To avoid toll plaza fines or double charges, NHAI is advising Paytm Fastag users to transfer their Fastags to other banks.

If you need to change your settlement bank account, here are the steps:

1. Open the ‘Change settlement account’ page through the business profile or settlement settings option on the left menu.
2. Click on the change button on your settlement account.
3. Choose an existing account, click save and enter OTP or select Add a new bank account option, and then enter the necessary details.

If you’re looking for a reliable way to save your money, investing in fixed deposits (FDs) or recurring deposits (RDs) could be a great option. Both of these investments provide a fixed interest rate and have a term duration. However, RDs have a slightly different structure. With RDs, you must deposit a fixed amount every month before a certain date, making it an obligation, even if you may need the money for something else.

But what if you want to save through an RD, but don’t have a consistent income each month? This is where Flexi RD comes into play. Flexi RDs work just like regular RDs, but give you the freedom to choose when and how much to invest. This way, it’s just like a piggy bank where you can deposit your money as and when you have it. In this blog, we’ll explore how Flexi RDs work and whether they are the right investment option for you.

What is a Flexible Recurring Deposit?

A Flexible Recurring Deposit (FRD) is a type of savings scheme offered by banks and financial institutions that allows customers to deposit a fixed amount of money at regular intervals (usually monthly) for a specified period. Unlike traditional recurring deposits, which require customers to deposit a fixed amount at fixed intervals, an FRD provides customers with the flexibility to deposit varying amounts each month within a certain range, or even skip deposits altogether in some cases.

With an FRD, customers can choose the frequency and amount of their deposits based on their financial goals and cash flow, which can help them save regularly without feeling financially burdened. For example, if an account holder expects to have a higher income in the future, they can increase their deposit amount to save more money. Alternatively, if they are facing financial constraints, they can reduce their deposit amount or skip a month’s deposit without incurring any penalties.

The interest rates offered on FRDs are typically higher than those on traditional savings accounts, and the longer the deposit period, the higher the interest rate. 

FRDs can be a useful savings tool for individuals who want to save for a specific goal, such as a down payment on a house or a child’s education, but may not have a fixed amount of money to set aside each month. However, it’s important to carefully review the terms and conditions of an FRD before opening one, as there may be penalties for early withdrawals or missed deposits.

How Does A Flexible RD Work?

A flexible recurring deposit (RD) consists of two main components: the core amount and the flexible amount. The core amount is the mandatory deposit that you need to make when opening a Flexi RD. The exact amount of the core deposit may differ from bank to bank, but the majority of banks in India require a minimum of Rs 500 as the core deposit.

On the other hand, the flexible amount is the portion of the deposit that you can invest at your convenience. You can add this amount whenever you have extra funds available, subject to certain constraints. There is a cap on the maximum amount that you can invest, and the increment amount must be in multiples specified by the bank.

The interest on the flexible amount is earned quarterly and is determined annually. You have the flexibility to invest the money at any point within the month, without incurring any penalty.

Overall, a flexible RD offers a great way to save and earn interest while giving you the flexibility to invest additional funds at your convenience. It is an excellent option for people who wish to build a disciplined savings habit while also having the freedom to invest additional funds whenever possible.

Things To Know Before Investing in a Flexi RD 

• Most banks offer flexible deposit amounts, while some may have a minimum and maximum deposit limit.
• Late deposits and pre-closure of the Flexi RD typically do not incur penalties, but it’s important to confirm with the bank as some may charge pre-closure fees.
• Some banks allow customers to take out a loan against their Flexi RD, with the loan amount varying depending on the bank. Some banks offer up to 90% of the available balance as a loan.
• The tenure for a Flexi RD usually ranges from 6 months to 10 years, with many banks offering this investment option.
• Some banks allow minors to open a Flexi RD with the supervision of a parent or guardian.
• Senior citizens can invest in a Flexi RD and may receive higher interest rates compared to regular investors.

Final Thoughts 

The flexible recurring deposit is a great investment for those seeking to save money over time and earn interest on their investments. It offers improved repayment flexibility compared to traditional fixed deposits, as well as higher returns than other savings options. To get started with a flexible recurring deposit, it’s important to research different financial institutions to find the one that best suits your needs.

A fictitious message is being circulated in media regarding list shared by NITI Aayog on privatization of Public Sector Banks. It is hereby informed that no such list as mentioned has been shared by NITI Aayog in any form.

Government
Release Id :-1889046 DS/LP/AK

Alert: From 1st February 2023, all rent payment transactions done using your Bank of Baroda credit card will attract a fee of 1% on the total transaction amount.

The country’s largest insurance company is going to make a big change in the new year. Life Insurance Corporation of India has also got the amendment bill passed regarding this change and now its composite license clause is being considered. According to the information received from the sources, this change of LIC will give a big benefit to the applicants. Let us tell you that LIC is preparing to change the rules related to insurance this year.

Can apply for more than one category

Let us tell you that there is a provision in the proposed bill that if any applicant can register and apply for one or more categories of insurance business of any category.

What is the advantage of Composite License?

Let us tell you that if any company has a composite license, then in this situation it can offer both general and health insurance services through the same company. For this, they will not have to do separate insurance.

There is a ban on insurance again

According to the agency, in the event of the passing of the LIC Insurance Amendment Bill, the composite license and all other issues related to insurance will be considered keeping in mind the Life Insurance Corporation Act, 1956. At the same time, re-insurance companies are barred from getting registered for any other category of insurance business.

Bill can be laid on the table

It is believed that to amend the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act, 1999, this bill can be tabled in the budget this year. At present, the Finance Ministry is planning to make major changes in the insurance law.

Policyholders will get good returns

The Finance Ministry is planning to make large-scale changes in the insurance law to promote policyholders and keeping in mind their interests. With this, apart from getting good returns to the policyholders, new employment opportunities will also be created in the market, which will also boost economic growth.

External audit is an instrument of the audit committee, as mandated under the Companies Act 2013, meant for assessing and reporting the true and fair view of financial health of the company. It thus becomes important for the committee to ensure that the audit and auditor remain independent.

The committee comprising two-third of members as independent directors including the chairperson, makes recommendations to the board of directors on the appointment, removal and remuneration of auditors. It is also required to review and monitor the effectiveness of the audit. The procedure followed by audit committee of many companies is however ad hoc and its role is confined to selecting an audit firm based on evaluation undertaken by CFO and CEO or of a particular firm as suggested by them, for recommendation to the board. The involvement of the committee and its members is thus more in form of compliance requirements rather than in substance.

Some audit committees do carry out a detailed exercise for identifying an audit firm commensurate to the nature, size and complexity of the business. They also assess the technical and support infrastructure within the firm, and the team’s competence. However, the policy and procedure is not well laid out. In the case of banks and NBFCs, though RBI in April 2021 issued broad framework of procedure to be followed, the audit committees have not outlined the procedure to be followed in initiation, evaluation and shortlisting of a panel of audit firms, and in determining their independence and ability to perform audit within the contours of the framework.

SEBI, RBI norms

The Companies Act, 2013, LODR of SEBI, and guidelines issued by RBI taken together have positioned the audit committee as pivotal to transparency in governance and financial reporting. For proper discharge of responsibilities, the committee should define qualitative parameters like professional and ethical culture within the firm. These may include capability and competence level of audit partner and staff, quality control and data security mechanisms, technology usage, among other parameters. For the company’s annual report, the committee should indicate the criteria set for appointment of the auditor, and measures for ensuring his independence or avoiding potential conflict of interest.

The Audit Committee should also create an eco-system within the organisation that accepts audit as a value addition exercise, necessary for bringing integrity in internal processes and financial reporting. It should hold regular interactions with the auditor, and the management on audit plan, progress made, critical issues raised by the auditors and follow up action by the management.

The writer is former Secretary, ICAI

The S&P BSE Sensex rose by 160 points while the Nifty50 closed above 18600 levels.

Stocks that were in focus include names like Bank of India which was up nearly 8%, Canara Bank NSE 0.46 % gained over 3% and Bank of Baroda NSE 0.96 % was up more than 6% on Thursday.
Here’s what Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd recommends investors should do with these stocks when the market resumes trading today:

Bank of India: Buy

The stock made a fresh 52-week high of 101.20 on Thursday. It has rallied over 100% so far in this quarter. The sharp price-dominating uptrend rally surprised most traders.

On the daily and weekly charts, the stock has formed a breakout continuation pattern which is grossly positive for the Bank of India.

However, on the short-term time frame, momentum indicators indicate the stock is in the overbought zone and the high chances of quick short-term price correction are not ruled out if the stock trades below 95.

For the next few trading sessions, 95 would be the trend decider level for the bulls, sustain above the same we can expect a continuation of an uptrend up to 110.

Further, the uptrend may also continue which could lift the stock to 115. On the flip side, the dismissal of 95 could possibly trigger quick short-term correction up to 90-87.

Canara Bank: Buy

On Thursday, the stock rallied nearly 3.5% and also formed a reversal formation, post short-term correction. The stock has formed a double bottom formation and reversed sharply.

Currently, the stock consistently is taking support near the 20-Day SMA (Simple Moving Average). We are of the view that, as long as its trading above 20-Day SMA or 310 the uptrend formation is likely to continue

Above the same, the stock could move up to 335-350. On the flip side, below 310 traders may prefer to exit out from the trading long positions.

Bank of Baroda: Buy

The stock has rallied nearly 10% so far this week. On last Thursday, the stock opened with a strong note and successfully cleared the 178-180 resistance zone.

Post breakout, positive momentum got intensified.

A promising price volume uptrend continuation formation indicates further upside from the current levels.

For trend-following traders, 180 would be the key level to watch out for. Above which, it could move to 200 -205. However, below 180, the uptrend would be vulnerable.