News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Circulars »
 Directions issued to the Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. - Kolhapur, Maharashtra – Extension of Period
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra – Extension of Period
 Amendment of the Income-tax Rules, 1962 to provide for Safe Harbour Rules​
  Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
  COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
  COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
 Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
 Petition in Rajasthan HC challenges the Constitutional validity of AAR bench of Tax Officers
 As lockdown extends, banks seek another 3-mth moratorium from RBI
 RBI releases ‘Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks for December 2019'
  Reporting Platform for OTC Derivatives – Transactions undertaken by IFSC Banking Units (IBUs) and non-deliverable derivative contracts (involving Rupee or otherwise)

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 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting