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MUMBAI: Non-banking finance companies and residuary non-banking finance companies with public deposits of Rs 50 crore and above should rotate their auditors every three years, said the Reserve Bank of India in a notification issued on Monday.

The same partner of the auditing firm can be re-appointed after three years, if the NBFC or the RNBC wished, it said.

Explaining the need for rotation of auditors, the RBI said, "The need for good corporate governance has been gaining increased emphasis over the years. Scrutiny of the books of account conducted by auditors rotated periodically would add further value to strengthening corporate governance."

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