Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to Rs 50 crore turnover in the current financial year as per Statement of ICAI President Subodh Kumar Agrawal.

He further said, adding ICAI demanded this audit limit be reduced to its original limit of Rs 8 crore so that rural including panchayat level branches are audited every year for transparency of business.

Recently ICAI functionaries met Finance Secretary Rajiv Thakaru in Delhi making an appeal on reducing the audit limit from Rs 50 crore to Rs 8 crore turn over so that proper and timely audit be done in public banks, Agrawal said.(PTI)

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