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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
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