ICAI asks RBI for data on PSU bank borrowers with over Rs 2,000 crore debt


The Institute of Chartered Accountants of India (ICAI) has requested the Reserve Bank of India for a list of corporate borrowers from public sector banks with debt of Rs 2,000 crore and above.

The data will be examined by ICAI’s Financial Reporting Review Board for any possible violation of accounting and auditing standards, ICAI said in a statement.

Meanwhile, ICAI has issued show cause notices to auditors of Punjab National Bank (PNB) and Gitanjali Gems. It has also summoned the Deputy Director of PNB.

“The Deputy General Manager, PNB has been summoned in terms of powers as vested in Section 21C of the Chartered Accountants Act 1949 to appear and produce a copy of FIR, all related documents in the said fraud, give details of the modus operandi used in the fraud,” the institute said in the statement.

The accounting body also said it has written to the corporate affairs ministry, asking them to request SEBI, CBI, ED and PNB to share their findings with ICAI.moneycontrol