RBI eases compliance reporting norms for banks

The Reserve Bank of India (RBI) on Thursday said banks need not report their compliance to the Jilani Committee recommendations, related to frauds and malpractices, to the audit committee of the board (ACB).

“On a review of the implementation status of these recommendations in various banks, it has now been decided that henceforth, the compliance to the Jilani committee recommendations need not be reported to the ACB,” RBI said in a notification in Mumbai.

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The central bank, however, advised banks to ensure that the compliance to these recommendations were complete and sustained.

It also asked banks to appropriately factor in these recommendations in the internal inspection/audit processes and duly document these in their manuals/instructions.