ICAI to aid banks to reduce NPA

NEW DELHI, JAN 3: In a bid to curb non-performing assets (NPAs) in the banking sector, leading public and private sector banks are working out various modalities with Institute of Chartered Accountants of India (ICAI) to improve internal audit.

Banks which have shown interest to seek services of chartered accountants for internal audit are Oriental Bank of Commerce (OBC), Allahabad Bank, Syndicate Bank, Punjab and Sind Bank and Bharat Overseas Bank.

"ICAI through internal audit would help banks in improving their internal control mechanism and set up uniform auditing policies in the banking sector," ICAI president Rahul Roy said.

He said CAs would help in improving banking operations, make them more efficient and transparent and free from risks arising out of various kinds of frauds taking place in banks.