Money & Banking

PMC Bank crisis: ICAI initiates disciplinary proceedings

KR Srivats New Delhi | Updated on October 02, 2019

ICAI writes to statutory auditor, PMC Bank and RBI

Institute of Chartered Accountants of India (ICAI) has initiated disciplinary proceedings in the  Punjab and Maharashtra Cooperative (PMC) Bank case  following  its collapse. 

Besides writing to the  cooperative bank, the Institute of Chartered Accountants of India (ICAI) has also written to  the regulatory agencies, including the RBI and the Registrar of Cooperative Societies, Maharashtra, sources said.

ICAI has also written to the statutory auditor of PMC Bank pertaining to financial years 2017-18 and 2018-19 seeking clarification on the matter, they added.

Also read: Statutory auditors’ role in forefront again after PMC Bank crisis

Anurag Thakur, Minister of State for Finance and Corporate Affairs had recently said that Government would look at all aspects of PMC Bank failure including the role of auditors, independent directors and regulators.

Already, the Corporate Affairs Ministry has initiated investigations into HDIL, a key borrower from PMC Bank, it is learnt.

Published on October 02, 2019

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