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 (FY) 2025-26 has been officially declared via the Professional Development Committee of the Institute of Chartered Accountants of India (ICAI).
As per the updated guidelines and specified mandates of the Reserve Bank of India’s (RBI) Circular No. RBI/2023-24/113 dated January 15, 2024, the draft panel has been made.
The guidelines will come into force on April 1, 2024, and mandate all StCCBs and CCBs to obtain prior RBI approval for the appointment or re-appointment of their regulatory auditors and follow all the statutory and regulatory provisions. For 2024-25, ICAI has used the Multipurpose Empanelment Form (MEF) panel as the foundation panel to make the current year’s draft.
At first, the National Bank for Agriculture and Rural Development (NABARD) shall get the annual list of eligible audit firms from ICAI, where the eligibility criteria will be applied. After that, the list will be shared with the respective banks, which are required to choose their auditors from it.
Following the guidelines for selecting or re-appointing auditors for state and central co-operative banks, applicants will see which category they fit into — A, B, or C. These guidelines were issued on January 15, 2024. https://meficai.org/pdf/RBI%20Circular%20dt%2015%20Jan%202024.pdf
The applicants can see their category and the draft panel on the website http://meficai.org. Also, the applicants to validate their category classification can proceed to the MEF ICAI portal.
https://app.meficai.org/nabard/draftPanel
For applicants who desire to raise observations or complaints for the draft panel, the ICAI has placed a grievance redressal procedure. With the pertinent information, concerns can be furnished at https://app.meficai.org/complaints. On contacting the phone numbers given below, concerns can be raised.
Priya Duggal/Garima Khurana (Ph. No.: 92055 59866)
Manish Bhardwaj at (Ph. No.: 92055 59865)
For review and comments, the draft panel will remain available till June 7, 2025. The final panel will be forwarded to NABARD for their formal consideration after the grievance window closes and all queries are been addressed.
For supporting the banking sector, the annual practice of ICAI is aligned with its objective to execute a clear and objective-oriented appointment and re-appointment procedure.
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