Mumbai, June 25: RBI has decided to discontinue the practice of asking financial institutions to submit monthly concurrent audit report of their treasury operations with immediate effect. With effect from the half-year ended March 31, 2003, the half-yearly reviews of the investment portfolio of FIs should be submitted to regional offices of the department of banking supervision (DBS), RBI said in a notification to chiefs of term lending and refinancing institutions.
The major irregularities observed in the concurrent audit report of the treasury transactions as also the position of compliance therewith should be incorporated in the half-yearly reviews of the investment portfolio to be submitted to the regional offices, it added. Bureau Report