Announcement

RBI Guidelines for Consolidated Accounting and other quantitative methods to facilitate consolidated supervision - Audit of Consolidated Financial Statements dated 8th July, 2003 issued to all public sector banks .

The Reserve Bank of India vide its circular no. DBS.ARS.No.BC.3/08.92.001/2002-03 dated 8th July, 2003 has inter alia advised all public sector banks that the remuneration payable to the statutory auditor for the work relating to Consolidated Financial Statements (CFS) may be decided by the banks in consultation with their Audit Committee of the Boards, depending on the number of subsidiaries / associates / joint ventures to be included in the CFS and the volume of work involved, and the same may be recommended to RBI for its approval. Professional Development Committee