Banks with assets of more than Rs 15,000 crore must hire two auditors

Any bank with a balance sheet of less than Rs 15,000 crore can have one statutory auditor. However, in all cases, concurrent auditors cannot be appointed as statutory auditors

Commercial banks and urban commercial banks (UCBs) will have to rope in at least two auditors unaffiliated with each other and have to take prior approval of the Reserve Bank of India (RBI) for appointment or reappointment of statutory auditors on an annual basis, the central bank said on Tuesday.
 
“For entities with asset size of ₹15,000 crore and above as at the end of previous year, the statutory audit should be conducted under joint audit of a minimum of two audit firms,” RBI said.
 
Any bank with a balance sheet of less than Rs 15,000 crore can