The Reserve Bank of India (RBI) on January 15, 2024, issued the guidelines on the Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks
The following has been stated namely: -
•It has framed the guidelines for seeking prior approval of RBI for appointment, re-appointment, or removal of Statutory Auditor (SA), and other related matters.
• It states that these guidelines shall be applicable to State Co-operative Banks and Central Co-operative Banks
• These guidelines shall come into effect from April 01, 2024. Accordingly, for all accounting periods commencing on or after April 01, 2024, all State Co-operative Banks and Central Co-operative Banks shall submit an application for prior approval of RBI before July 31 of the reference accounting year, in accordance with the guidelines
• The detailed Guidelines have been attached to the document for reference
[Circular No. RBI/2023-24/113 Ref.No.DOS.ARG/SEC.8/08.91.001/2023-24]
