To Give Autonomy to Public Sector Banks (PSBS), The Work of Selection and Appointment of Statutory Central Auditors (SCAS) Delegated to Individual PSBS for the Year 2014-15 Onwards

In order to give autonomy to the Public Sector Banks (PSBs) on the issue of Selection and appointment of Statutory Central Auditors (SCAs), the work of selection and appointment of SCAs henceforth, has been delegated to individual PSBs for the year 2014-15 onwards. Reserve Bank of India (RBI) will provide the selection criteria for selecting SCAs to PSBs. The office of Comptroller & Auditor General (C&AG) will provide the list of eligible auditors available with them and PSBs can make selection out of the list with the prior approval of RBI.