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.