- The Institute of Chartered Accountants of India (ICAI) is gearing up to send a carefully reviewed list of eligible CA firms to NABARD.
- This list will be used for appointing statutory auditors for State and Central Co-operative Banks (StCBs and CCBs) for the financial year 2026.
- This step is in line with the RBI’s guidelines from January 2024, which state that prior approval from the RBI is necessary for the appointment or reappointment of statutory auditors.
- The shortlist from ICAI is compiled from its extensive pool of nearly 40,000 CA firms, organized according to RBI standards.
- NABARD will then pass this list on to the co-operative banks, which will need to choose firms, get board approval, and submit their applications to the RBI by July 31.
The Institute of Chartered Accountants of India (ICAI) is gearing up to send a carefully reviewed list of eligible CA firms to NABARD. This list will be used for appointing statutory auditors for State and Central Co-operative Banks (StCBs and CCBs) for the financial year 2026.
This step is in line with the RBI’s guidelines from January 2024, which state that prior approval from the RBI is necessary for the appointment or reappointment of statutory auditors. The shortlist from ICAI is compiled from its extensive pool of nearly 40,000 CA firms, organized according to RBI standards.
NABARD will then pass this list on to the co-operative banks, which will need to choose firms, get board approval, and submit their applications to the RBI by July 31.
The goal of this initiative is to boost audit quality, enhance fraud detection, and promote greater transparency and regulatory compliance throughout the co-operative banking sector.