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South Indian Bank Ltd said in a filing to BSE that the RBI vide its Press Release dated June 3, 2019, in terms of its Enforcement Action Framework had decided not to approve M/s S.R. Batliboi & Co, LLP for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019. Accordingly, the Bank cannot appoint M/s S.R. Batliboi & Co, LLP as the Statutory Central Auditor of the Bank as was earlier proposed.
Consequently, the Board of Directors of the Bank has on June 10, approved a panel of 3 audit firms to appoint one of them as the Statutory Central Auditors of the Bank for FY 2019-20, subject to the approval of the Reserve Bank of India and the shareholders at the ensuing Annual General Meeting of the Bank. The details of the Statutory Central Auditor for the FY 2019-20 will be informed upon receipt of RBI approval.