News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Circulars »
 RBI- Auction of State Government Securities
 Committee on Deepening of Digital Payments Submits its Report to RBI
  RBI-Conversion of Government of India (GoI)’s Securities
 Risk Management System – Appointment of Chief Risk Officer (CRO) for NBFCs
 RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 – 2021’
 Outsourcing of Cash Management – Reconciliation of Transactions
  RBI Announces OMO Purchase of Government of India Dated Securities
 RBI-Outsourcing of Cash Management – Reconciliation of Transactions
 Auction of Government of India Dated Securities May 13, 2019
 Auction for Sale (Issue/re-issue) of Government Stock (GS) May 13, 2019
 RBI extends Directions issued to The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala for further 6 months

RBI- Compliance with Ghosh Committee Recommendations
April, 24th 2017

RBI/2016-17/284
Ref. DBS.CO.PPD.BC.No.9/11.01.005/2016-17

April 20, 2017

The Chairman/Chief Executive
All Scheduled Commercial Banks (Excluding RRBs)

Madam/Dear Sir,

Compliance with Ghosh Committee Recommendations

We invite attention to our circular DBS.CO.PPD.BC.No.10/11.01.005/2015-16; dated April 28, 2016, in terms of which banks have been advised that the compliance to the Jilani Committee recommendations need not be reported to the Audit Committee of the Board (ACB).

2. Attention is also invited to circular DBS.CO.PPD.BC.No.39/11.01.005/99-2000 dated June 28, 2000 on Ghosh Committee recommendations relating to frauds and malpractices in banks and to circular DBS.ARS.BC.No.4/08.91.020/2010-11 dated November 10, 2010 on Audit Committee of the Board of Directors (ACB)-Calendar of Reviews, in terms of which the implementation status of Ghosh Committee recommendations need to be submitted before the Audit Committee of the Board.

3. On a review of the implementation status of Ghosh Committee recommendations in various banks, it has now been decided that, henceforth, the compliance to the Ghosh Committee recommendations also need not be reported to the ACB. However, banks are advised to ensure that:

i) Compliance to these recommendations are complete and sustained; and

ii) These recommendations are appropriately factored in the internal inspection/audit processes of banks and duly documented in their manual/ instructions, etc.

Yours faithfully,

(Arun K. Singh)
General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions