RBI may soon do away with branch audit of PSU banks: Srcs

..... Now even the RBI governor in December last year had mentioned that the relevance of branch audits had significantly declined but that's largely because after the implementation of core banking system the relevance has actually declined and there is no need for branch auditors but for statutory central auditors. So, that's the reason why RBI is looking to reduce the cost for public sector banks but the final numbers on branch auditors for this fiscal has not been decided yet......

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