RBI to conduct special audit of Srei Infrastructure Finance, subsidiary

The Reserve Bank of India (RBI) is conducting a special audit of Kolkata-based lender Srei Infrastructure Finance and its subsidiary, Srei Equipment Finance. In a notification to the exchanges, the lender said, RBI has appointed an auditor to conduct a special audit in exercise of its powers under Section 45 MA (3) of the RBI Act, 1934.
 

Under the said section, the RBI may at any time by order conduct a special audit of the accounts of a non-banking finance company, if it is of the opinion that it is necessary so to do in the public interest or in the interest of the non-banking financial company or in the interest of the depositors of such company.