Audit Committee (AC) :
The Audit committee functions as per RBI guidelines and complies with the provisions of Clause 49 of the Listing Agreement to the extent that they do not violate the directives/guidelines issued by RBI. Functions of Audit Committee:
(a) Audit Committee provides direction and also oversees the operation of the total audit function in the Bank.
(b) Audit Committee also appoints Statutory Auditors of the Bank and reviews their performance from time to time.
(c) Ensures transparency by reviewing bank’s financials, Risk Management, IS Audit Policies and Accounting policies, systems and procedures.
(d) Audit Committee also reviews the internal inspection/audit plan and functions in the Bank – the system, its quality and effectiveness in terms of follow-up.
(e) Audit Committee focuses on the follow up of implementation:
– KYC-AML Guidelines;
– Major areas of housekeeping;
– Compliance of Clause 49 and other guidelines issued by SEBI from time to time;
(f) Audit Committee follows up on all the issues raised in RBI’s Annual Financial Inspection Reports under Section 35 of Banking Regulation Act, 1949 and Long Form Audit Reports of the Statutory