September 24, 2015
The Chairman & Managing Director
Public Sector Banks
Constitution of the Audit Committee of the Board
We invite a reference to paragraph A(3)(i) of circular DOS.No.BC.14/Admn. /919/16.13.100/95 dated September 26, 1995 on composition of the Audit Committee of the Board (ACB) of Public Sector Banks.
In this connection we advise that should a bank have more than one ED, the ED in-charge of internal inspection and audit should be the member of the ACB whereas other EDs can be invitees to the meeting if the agenda includes any item for discussion from their domain.
Chief General Manager