According to him, the central bank is busy improving the auditing process to safeguard the integrity and stability of financial institutions.
“Auditors and Chief Financial Officers are key pillars of financial integrity and governance in our banking system. Auditors should conduct their audits to minimize any possibility of deviations, under-provision, or non-compliance with statutory and regulatory requirements. Appropriate rigor should be applied in the procedures." Swaminathan at a conference in Mumbai.
Swaminathan said the RBI has introduced structured meetings between supervisory teams and auditors, exception reporting and streamlined auditor appointment processes.
He also cautioned Chief Financial Officers against the increasing number of loans and fraudulent transactions through certain bank accounts containing large sums of money without valid reasons.
Swaminathan also stressed the importance of collaboration among stakeholders in the banking financial system.
Meanwhile, India's Financial Inclusion Index (FI-Index) for the financial year ending March 31, 2024, increased to 64.2 compared to 60.1 in March 2023, with all sub-indices seeing an increase, the RBI announced.
The improvement in FI-Index reflects the depth of financial inclusion across the country.
There has been a renewed national focus on promoting financial inclusion, financial education and literacy, and providing credit to productive sectors of the economy, including the rural and micro, small and medium enterprises (MSME) sector, which has led to improvements in FI-. Index.
“Auditors and Chief Financial Officers are key pillars of financial integrity and governance in our banking system. Auditors should conduct their audits to minimize any possibility of deviations, under-provision, or non-compliance with statutory and regulatory requirements. Appropriate rigor should be applied in the procedures." Swaminathan at a conference in Mumbai.
Swaminathan said the RBI has introduced structured meetings between supervisory teams and auditors, exception reporting and streamlined auditor appointment processes.
He also cautioned Chief Financial Officers against the increasing number of loans and fraudulent transactions through certain bank accounts containing large sums of money without valid reasons.
Swaminathan also stressed the importance of collaboration among stakeholders in the banking financial system.
Meanwhile, India's Financial Inclusion Index (FI-Index) for the financial year ending March 31, 2024, increased to 64.2 compared to 60.1 in March 2023, with all sub-indices seeing an increase, the RBI announced.
The improvement in FI-Index reflects the depth of financial inclusion across the country.
There has been a renewed national focus on promoting financial inclusion, financial education and literacy, and providing credit to productive sectors of the economy, including the rural and micro, small and medium enterprises (MSME) sector, which has led to improvements in FI-. Index.
