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 »
 Directions under Section 35A of the Banking Regulation Act, 1949 – The Hindu Co-operative Bank Limited, Pathankot, Punjab – Modification
  Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
 Directions under Section 35A of the Banking Regulation Act, 1949
  Master Directions on Relief/Savings Bonds
 Reserve Bank of India imposes monetary penalty on State Bank of India
 Auction of Government of India Dated Securities July 15, 2019
 Auction for Sale (re-issue) of Government Stock (GS) July 15, 2019
  RBI - Auction of State Government Securities
  RBI releases Draft Report of the Internal Working Group on Comprehensive Review of Market Timings
 Finance Minister addresses the Central Board of Directors of Reserve Bank of India
 RBI releases Draft Report of the Internal Working Group on Comprehensive Review of Market Timings

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