Page 51 - Banking Finance June 2023

ARTICLE

for which it was known for. Technology which is a challenge, auditors updated in latest knowledge, skill and attitude.
is the solution also. Technology can compensate the human Auditors need to maintain highest level of standards
shortcomings. regarding rules, regulations, policies and their
1. Audit department need to come out of their silo or implementation part also, they are most eligible people
mindset of reading the policies and then verifying for regular trainings.
compliance against it. Need of the hour is to proactively
5. Finally, accountability of auditors is also required to be
be a part of policy, rule, regulations formations process.
fixed to maintain the standards which tends to dilute if
It will reduce the time gap between policy
not kept under continuous check. So audit of auditors is
implementation in work and verification of compliance.
also need ed.
Managements and regulators have higher
responsibilities to initiate the same.
Way Forward
2. Mapping of skills of audit personal is required. All the
With globalization and increasing complexity of financial
competencies and specializations should be mapped at
system, sound audit and inspection is vital for stable financial
a place and then work to be done to finetune them as
system. Auditors are required to update and upgrade their
per the need of organization and regulators.
knowledge, skill & attitude. Tomorrows auditor need to be
3. Rationalization of resources in audit and inspection more professional, qualified, impartial, ethical and value
department is also required. We need to understand like driven. He/she need to have awareness and foresight to be
a teacher can not teach all the subjects, same way an critical yet constructive challenger, with a clear focus on
auditor can not check all the parameters. Diverse greater good of all stakeholders.
specialized people are required in audit department and
their skills need to be utilized as per the need of audit Reference:
of a business unit. While allotment of work of audit,
1. www.rbi.org - Speech of Mr. Shaktikant Das, Governer,
logical allotment as per mapped skills is very much RBI.
needed.
2. www.bcasonline.org- Article by C.A M.M. Chitale.
4. Regular training of auditors is also required to keep 3. www.bankdirector.com

NPCI: 99.9% of all UPI transactions to remain free
After it introduced interchange of up to 1.1 per cent on UPI transactions above Rs. 2,000 made through prepaid
instruments, cards or wallets, the National Payments Corporation of India (NPCI) clarified that 99.9 per cent of UPI
transactions are done directly from bank account-to-account, and will not be impacted by the new norms.
"Traditionally, the most preferred method of UPI transactions is linking the bank account in any UPI-enabled app for
making payments which contributes over 99.9 per cent of total UPI transactions. These bank account-to-account
transactions continue to remain free for customers and merchants," said NPCI in a release.

SBI offers second innings to retired bank employees

SBI is hiring retired bank staff on contract basis for more than 1,000 posts. Candidates are requested to apply online.
The minimum age of candidates should be 60 and maximum 63. Grade/scale at the time of retirement: Officers
Scale II, III and IV of SBI/ e-ABS /other PSBs.

The selection process will be based on shortlisting and interview. A shortlisting committee constituted by SBI will
decide the shortlisting parameters and thereafter, adequate number of candidates will be called for interview. The
interview will carry 100 marks. The qualifying marks in interview will be set by the bank. A merit list for final selec-
tion will be prepared, subject to candidate scoring minimum qualifying marks. In case more than one candidate score
common cutoff marks, such candidates will be ranked in the merit in descending order of their age.

46 | 2023 | JUNE | BANKING FINANCE