ICAI proposes joint audit for private banks

YES, Axis, ICICI recently reported NPA figures for FY16 that were in variance of RBI's estimations

The Institute of Chartered Accounts of India (ICAI), the regulatory body governing auditors, has proposed to the finance ministry and the Reserve Bank of India (RBI) the introduction of the concept of joint audit in private banks to enhance the quality of audit. This follows questions over the role of auditors in estimation of non-performing assets (NPAs) of some private sector banks. Recently three private lenders — YES Bank, Axis Bank and ICICI Bank — had reported gross NPA figures in FY2015-16 that were in variance of the RBI’s estimations. 

“As such we understand that there is no difference in