RBI, DBS vide notification no RBI/2011-12/212 DBS. ARS.BC. No. 03 / 08.91.020/ 2011-12
dt.October 4, 2011, has advised foreign banks to identify areas/aspects, as per the Bank’s internal assessment, which are to be brought for review before the Audit Committee of their Board.
In case there is no specific Audit committee, the same might be incorporated into a Policy and the Policy be approved by the Board/Local Management Committee.
The policy may be reviewed annually and areas / aspects included / deleted based on individual experience, and
The reviews may be put up to the Local Management Committee / Chief Executive Officer.
RBI,DBS vide its circular DBS.ARS.BC. No. 07/ 08.91.020/ 2010-11 dated May 11, 2011 has already advised that for all foreign banks operating in India, the Chief Executive Officer would be responsible for effective oversight of regulatory and statutory compliance as also the audit process and the compliance thereof in respect of all operations in India.