Legal & Compliance — Audit-Readiness Checklist
Governance, consumer protection and enforcement/compliance circulars. Walk into your next audit or internal review already prepared, with a personal, timestamped record of what you did and which official RBI circular you followed — kept only in your own browser, never sent to BankPulse.
- Official RBI source is on file and hyperlinked for every circular you rely on -- not just remembered.
- The action this circular asked for has a recorded owner and a recorded date it was done.
- If the circular set a deadline or an effective date, that date is tracked -- not just known informally.
- If a circular you relied on has since been superseded or withdrawn, you have a note of when you last checked its status.
- If a manager or colleague asked you to do something that conflicts with a circular's own text, you have a timestamped record of what the circular actually said.
Recent circulars in this desk with a real action item
Review all loan portfolios for any director-related advances and ensure immediate recovery or regularization. (+3 more actions on this circular)
Review all loan sanctions to ensure no director-related loans are extended without explicit RBI approval. (+2 more actions on this circular)
Review loan sanction limits for nominal members against RBI exposure norms. (+3 more actions on this circular)
Ensure CRAR remains above regulatory minimum at all times. (+3 more actions on this circular)
Review and tighten single borrower exposure monitoring systems to ensure compliance with RBI limits. (+3 more actions on this circular)
Review your bank's KYC/AML policies against RBI's latest master directions. (+3 more actions on this circular)
Update internal policies and customer terms to incorporate new definitions and liability rules by January 1, 2027. (+4 more actions on this circular)
Update internal policies and customer terms to reflect new definitions of fraud, negligence, and transaction types. (+4 more actions on this circular)
Review all director-related loan sanctions and renewals for compliance with Section 20 of BR Act. (+3 more actions on this circular)
Review all loan sanctions to ensure no director's relative is a beneficiary. (+3 more actions on this circular)
Review all loan sanctions to ensure no director-related advances are made. (+3 more actions on this circular)
Verify your bank's credit data submission to all four CICs is complete and timely. (+3 more actions on this circular)
Review and update your bank's third-party product and service agreements to align with the new definitions of agency business and referral services. (+4 more actions on this circular)
Review and revise existing agency and referral agreements to match the new definitions by Jan 1, 2027. (+3 more actions on this circular)
Review and update your agency business agreements to ensure only regulated financial products are offered. (+3 more actions on this circular)
Update your internal records to reflect IDBI's scheduled bank status for regulatory reporting. (+2 more actions on this circular)
Review current reporting process for Annexure A to ensure revaluation value is computed as exchange rate change between current and previous reporting Friday. (+3 more actions on this circular)
Identify all accounts in the name of Golden Forest (I) Ltd. across branches. (+4 more actions on this circular)
Update your bank's deposit policy and product documentation to reflect the new minimum tenor of 7 days for retail term deposits under ₹15 lakh (if not already done). (+3 more actions on this circular)
Update your NRE deposit interest rate slabs for 1-3 year maturities to not exceed LIBOR/SWAP rates plus 50 bps. (+3 more actions on this circular)
Obtain board approval to adopt the enhanced Rs 15 lakh ceiling for priority sector housing loans. (+3 more actions on this circular)
Update internal systems to apply netting for HSBC Primary Dealership transactions in CRR/SLR computations. (+3 more actions on this circular)
Update internal ESOP loan policies to reflect the new ₹20 lakh cap and 10% margin. (+3 more actions on this circular)
If your UCB is an NDS member, stop faxing call/notice/term money reports to MPD from December 11, 2004. (+3 more actions on this circular)
Formulate a Board-approved KYC and AML policy framework within three months from December 15, 2004. (+4 more actions on this circular)
Instruct branches to open 'Tsunami Relief Account' for associations seeking exemption, without prior FCRA permission. (+4 more actions on this circular)
Instruct branches to allow associations to open 'Tsunami Relief Accounts' for foreign contributions without prior FCRA approval. (+3 more actions on this circular)
Review your bank's net worth against the new Rs.50 crore threshold to assess eligibility for insurance agency business. (+3 more actions on this circular)
Verify that entities receiving foreign contributions are registered with the Ministry of Home Affairs or have prior permission, as per FCRA Sections 4, 5, and 6. (+3 more actions on this circular)
Identify SLR securities shifted from HFT/AFS to HTM under the September 2004 circular and calculate the provisioning requirement. (+4 more actions on this circular)
Update internal accounting policies to remove the year-end reversal requirement for unrealized interest on performing advances. (+3 more actions on this circular)
Calculate the 1% cap on normal donations using the previous year's published profits. (+3 more actions on this circular)
Recalculate exposure limits using the new 15% (single) and 40% (group) of capital funds (Tier I + Tier II) effective April 1, 2005 (per directive issued April 15, 2005). (+4 more actions on this circular)
Convert existing Ad hoc Committees into Standing Committees on Customer Service (+4 more actions on this circular)
Place all Banking Ombudsman awards before the Customer Service Committee for review. (+3 more actions on this circular)
Identify all loans with director/relative guarantees sanctioned before October 1, 2003, and tag them for continued monitoring until maturity. (+3 more actions on this circular)
Implement the prescribed qualitative and quantitative disclosure format for derivatives in the 'Notes on Accounts'. (+4 more actions on this circular)
Issue instructions to all controlling and branch offices to continue existing J&K credit concessions until 31 March 2006. (+2 more actions on this circular)
Shift branches within the same municipal ward/locality (metropolitan/urban/semi-urban) or block/service area (rural) without prior RBI approval. (+3 more actions on this circular)
Formulate a door-step banking scheme with board approval, detailing services at customer premises. (+3 more actions on this circular)