RBI directive on auditors to benefit second-tier firms

For every statutory audit of mid-size to large banks, an audit firm gets Rs 50 lakh to Rs 1.5 crore

The Reserve Bank of India’s (RBI's) recent diktat, that statutory auditors in private and foreign banks should be repeated only after the mandatory rest period of six years, opens up an opportunity for firms outside the famed Big Four — PricewaterhouseCoopers, Deloitte, KPMG and EY. 

The Big Four conduct audits of most of the large banks. Public sector banks are out of this ambit, as their audits are done by empaneled members, and a multiple number of these auditors go through the books. 
 

On July 27, the RBI said some private and foreign banks have not been following the rotation