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RBI bars EY group's Batliboi from auditing bank books for one year

The central bank says it found lapses in the books of banks audited by the firm

rbi, reserve bank of india
The central bank also said there should be no concept of “guaranteed bonuses” in the compensation plan

In the first such case, the Reserve Bank of India (RBI) on Monday banned audit firm SR Batliboi & Co. LLP, member of global auditing firm EY, for one year from auditing bank books, after the central bank found lapses in the books certified okay by the firm. The RBI said in a brief statement that it won’t “approve the said firm from carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019”. The central bank found huge divergence in bad debt reported by banks for 2015-16, particularly in the case of Axis Bank and YES ...