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Auditors must not underestimate banks’ provisioning needs: RBI

Auditors must not underestimate banks’ provisioning needs: RBI
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First Published: Fri, Dec 16 2011. 11 37 AM IST

A file photo of RBI governor Duvvuri Subbarao.
A file photo of RBI governor Duvvuri Subbarao.
Updated: Fri, Dec 16 2011. 11 37 AM IST
A file photo of RBI governor Duvvuri Subbarao.
Mumbai: Statutory auditors must not underestimate provisioning requirements while finalizing financial statement of banks, Duvvuri Subbarao, governor of the Reserve Bank of India said in a speech on Friday.
“In the Reserve Bank’s view, in certain cases, the statutory auditors have underestimated the extent of net non-performing assets and the required provisioning,” Subbarao said.
The Reserve Bank of India will release its mid-quarter review of the monetary policy around 12:00 pm on Friday, where it is largely expected to hold interest rates steady.
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First Published: Fri, Dec 16 2011. 11 37 AM IST
More Topics: RBI | Banks | D Subbarao | Monetary policy | Assets |