ICAI Appoints Draft Panel for Appointment/Re-appointment of Statutory Auditors of State and Central Co-operative Banks for FY 2025-26
The draft panels have been prepared on the basis of applicable guidelines that had been promulgated by the Reserve Bank of India via a Circular from January, 2024.
The Professional Development Committee of the Institute of Chartered Accountants of India (ICAI) has officially announced the Draft Panel for Appointment and Re-appointment of Statutory Auditors of State Co-operative Banks (StCCBs) and Central Co-operative Banks (CCBs) for the financial year (F.Y.) 2025-26.
The draft panel has been prepared strictly in accordance with the latest guidelines and requirements set out in the Reserve Bank of India’s (RBI) Circular No. RBI/2023-24/113 dated January 15, 2024.
The guidelines have been in effect from April 1, 2024, and require all StCCBs and CCBs to seek prior approval from the RBI for the appointment or re-appointment of their Statutory Auditors and to comply with all relevant statutory and regulatory provisions. The ICAI has made use of the Multipurpose Empanelment Form (MEF) panel for 2024-25 and has been used as the base panel for preparing this year’s draft.
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The process provides that the National Bank for Agriculture and Rural Development (NABARD) will first receive the annual list of eligible audit firms from ICAI, applying the eligibility criteria as prescribed. The list is then shared with the respective banks, which are to select their auditors from it.
Applicants have been bifurcated into different categories of A, B, or C as per the RBI's eligibility norms for appointment of statutory auditors. Applicants may view their category and the draft panel at http://meficai.org. Applicants can also visit the MEF ICAI portal to check their category classification.
ICAI has also put in place a grievance redressal mechanism for applicants who wish to raise observations or complaints regarding the draft panel. Concerns can be submitted with all relevant details at https://app.meficai.org/complaints. Concerns may also be raised by contacting the following personnel at the phone numbers given:
Priya Duggal/Garima Khurana (Ph. No.: 92055 59866)
Manish Bhardwaj at (Ph. No.: 92055 59865)
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The Draft Panel will remain available for review and comments until June 7, 2025. Once the grievance window closes and all queries have been suitably addressed, the final panel will be forwarded to NABARD for their formal consideration.
The annual exercise by the ICAI is in line with its intent to implement a transparent, and objective-oriented appointment and re-appointment process to aid the banking sector.
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