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RBI eases compliance reporting norms for banks


Press Trust of India  |  Mumbai 

Outside RBI Headquarters in Mumbai.? Photo: Kamlesh Pednekar
Outside RBI Headquarters in Mumbai.? Photo: Kamlesh Pednekar

The Reserve Bank of India (RBI) on Thursday said need not report their compliance to the Jilani Committee recommendations, related to frauds and malpractices, to the audit committee of the board (ACB).

“On a review of the implementation status of these recommendations in various banks, it has now been decided that henceforth, the compliance to the Jilani committee recommendations need not be reported to the ACB,” said in a notification in Mumbai.

The central bank, however, advised to ensure that the compliance to these recommendations were complete and sustained.

It also asked to appropriately factor in these recommendations in the internal inspection/audit processes and duly document these in their manuals/instructions.

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First Published: Fri, April 29 2016. 00:21 IST