The Institute of Chartered Accountants of India (ICAI) will soon submit a vetted list of eligible CA firms to NABARD for appointing statutory auditors for State and Central Co-operative Banks (StCBs and CCBs) for FY26.
This initiative aligns with RBI’s January 2024 guidelines requiring prior RBI approval for the appointment or reappointment of statutory auditors. ICAI’s shortlist is drawn from its multipurpose empanelment of nearly 40,000 CA firms, categorized based on RBI norms.
NABARD will forward this list to co-operative banks, which must select firms, obtain board approval, and apply to the RBI by July 31.
The move aims to enhance audit quality, improve fraud detection, and ensure greater transparency and regulatory compliance across the co-operative banking sector.
One firm is carrying 5 co-operative banks’ audit; This should be avoided;