RBI Deputy Governor Swaminathan J promotes enhanced auditing processes and internal account rationalization to combat financial instability and fraud.
RBI Deputy Governor Swaminathan J emphasizes the vital role of auditors and CFOs in maintaining financial stability and supporting economic growth. He discusses RBI initiatives to improve the auditing process, including structured meetings, exception reporting, and streamlined auditor appointments, urging auditors to practice due diligence to reduce regulatory non-compliance. Swaminathan also calls for rationalizing internal accounts in commercial banks and financial institutions, citing concerns over fraudulent transactions and loan evergreening.
July 08, 2024
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