RBI vide Notification no. RBI/2021-22/25 dated 27th April, 2021 has issued guidelines w.r.t appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs).
- These guidelines will be applicable to the Commercial Banks (excluding RRBs), UCBs and NBFCs including HFCs for Financial Year 2021-22 and onwards in respect of appointment/reappointment of SCAs/SAs of the Entities.
- Non-deposit taking NBFCs with asset size below ₹1,000 crore have the option to continue with their existing procedure.
- As RBI guidelines regarding appointment of SCAs/SAs shall be implemented for the first time for UCBs and NBFCs from FY 2021-22, they shall have the flexibility to adopt these guidelines from H2 of FY 2021-22 in order to ensure that there is no disruption.
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12079&Mode=0