Public sector banks pay much higher audit fees than private banks

Audit fees public sector banks (PSBs) have paid are much higher than those shelled out by their private sector peers. 

State Bank of India (SBI) and Bank of India paid over Rs 2.16 billion and Rs 896 million in 2016-17, while HDFC Bank and ICICI Bank forked out Rs 25.8 million and Rs 78.3 million, respectively. 

Private banks have a single auditor while PSBs have multiple auditors. 

Amit Tandon, founder and managing director of ·Institutional Investor Advisory Services (IiAS), a proxy advisory firm, said: “Higher fees paid by PSBs can be because of more branches, multiple auditors they appoint, fees