.... Until 2005, the RBI was directly involved in the appointment of auditors in public sector banks. Currently, public sector banks appoint auditors under the supervision of RBI. The accounting profession generally believes that auditors enjoy a higher level of independence when regulators appoint auditors. In October 2011, the then President of the Institute of Chartered Accountants of India, Mr. Ramaswamy, argued in favour of appointment of auditors of public sector banks directly by the RBI.......
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