RBI directs IndusInd to drop PwC

The Reserve Bank of India (RBI) today directed IndusInd Bank to drop PriceWaterhouse Coopers as its auditor. PwC has been the banks auditors for the past two to three years.

After RBI's decision, IndusInd Bank approached the RBI with three names "" S R Batliboi Company, an Indian associate of Ernst & Young, Bharat Raut, an Indian associate of KPMG and MP Chitale.

The RBI has approved of S R Batliboi Company as its auditor, sources said.

The RBI had earlier approved the continuation of PWC as the auditor of the bank. However, at the last moment, RBI asked the bank to discontinue PWC as its statutory auditor, said a RBI official.

Ernst & Young has also been given the mandate for the banks HR integration, post the merger of Ashok Leyland Finance with the bank.