Mandatory Secretarial Audit and Appointment of CS in Banks Under RBI Discussion Paper By CS Shaffy Mehta

Good News for CS Profession
Reserve Bank of India has released the
Discussion Paper on Governance in Commercial Banks
in India and invited Public Comments by 15th July 2020.

The objective of the discussion paper is to align the current regulatory framework with global best practices while being mindful of the context of domestic financial system.

Relevant for our CS Profession or I would say this going to be a GOOD NEWS for our Profession

Relevant Para 10 Secretaries on Board states that:

  • Mandatory appointment of CS in Banks
That All Banks whether listed or otherwise, shall have a Company Secretary who is bound by the professional standards of a Company secretary.

  • Mandatory Secretarial Audit
All banks including those not listed and/ or operating as branches shall undertake secretarial audit in line with provisions of section 204 of the Companies Act, 2013.

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