...... A recent move by the RBI to reduce branch audits of banks has received significant attention of the media. As per media reports, banks have written to the RBI suggesting reduction in branch audit to reduce non-value added costs.It is argued that with concepts like core banking system and centralised record keeping, the relevance of the audit of branches of public sector banks (PSBs) has significantly declined. RBI will definitely decide the issue considering the pros and cons of reducing audit of branches of PSU banks........
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