Audit / Verification of Deposits in Bank Branch Statutory Audit / Bank Branch Concurrent Audit discussed by CA. (IP) Vivek Khurana.
Latest Circular by RBI
RBI/2022-23/27 DOR.CRE.REC.23/21.08.008/2022-23 Dated April 19, 2022 Consolidated Circular on Opening of Current Accounts and CC/OD Accounts by Banks .
Deposits - Reporting in LFAR
(a) Does the bank have a system of identification of dormant/ inoperative accounts and internal controls with regard to operations in such accounts?
In the cases examined by you, have you come across instances where the guidelines laid down in this regard have not been followed? If yes, give details thereof.
(b) After the balance sheet date and till the date of audit, whether there have been any unusual large movements (whether increase or decrease) in the aggregate deposits held at the year-end?
If so, obtain the clarifications from the branch and give your comments thereon.
(c) Whether the scheme of automatic renewal of deposits applies to FCNR(B) deposits?
Where such deposits have been renewed, report whether the branch has satisfied itself as to the 'non-resident status' of the depositor and whether the renewal is made as per the applicable regulatory guidelines and the original receipts / soft copy have been dispatched. - Ask for List renewed during the year and check accordingly.
(d) Is the branch complying with the regulations on minimum balance requirement and levy of charges on non maintenance of minimum balance in individual savings accounts. - RBI Cir No. DBR. Dir.BC.No.47/13.03.00/2014-14 November 20, 2014
(30 Days Notice and only proportionate amount to be charge) - Ask for List from the Bank and Notices Details?
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