Retail — Audit-Readiness Checklist
Consumer protection, priority-sector and everyday customer-facing rules. 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- If a circular you relied on has since been superseded or withdrawn, you have a note of when you last checked its status.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
Replace the old SGSY monthly format with the enclosed modified format for all reports from the month ended September 30, 2004 onwards.
Review and update KCC loan policies and systems to align with the six-year composite facility tenure and standardized crop seasons (12 months for short-duration, 18 months for long-duration crops). (+3 more actions on this circular)
Update internal KCC product guidelines to include term loans for agriculture and allied activities as per NABARD's revised model scheme. (+3 more actions on this circular)
Update KCC loan origination and renewal systems to reflect standardized crop seasons (12 months short-duration, 18 months long-duration) and six-year composite tenure. (+3 more actions on this circular)
Update internal reporting schedules to monthly for SGSY, SJSRY, and SLRS data. (+3 more actions on this circular)
Review and update KCC loan policies to incorporate the standardized 12-month and 18-month crop season definitions. (+4 more actions on this circular)
Collaborate with state governments to finance wasteland/fallow land development projects and treat them as agriculture advances. (+7 more actions on this circular)
Update NRE deposit interest rate ceilings for 1-3 year maturities to LIBOR/SWAP plus 50 bps effective November 1, 2004. (+2 more actions on this circular)
Update internal circulars and loan processing systems to reflect the new Rs 1 crore composite loan limit for SSIs. (+3 more actions on this circular)
Identify all accounts in your bank held in the name of Golden Forest (I) Ltd. or its variants. (+3 more actions on this circular)
Update NRE deposit interest rate ceilings to LIBOR/SWAP rates for US dollar of corresponding maturity plus 50 basis points. (+2 more actions on this circular)
Verify that the pooled assets in any securitised investment are direct loans to the SSI sector and qualify as priority sector. (+3 more actions on this circular)
Update FCNR(B) deposit rate-setting procedures to use LIBOR/SWAP rates from the last working day of the preceding month. (+3 more actions on this circular)
Set up monthly data collection for agricultural advances as on the last reporting Friday. (+2 more actions on this circular)
Identify eligible farmers with overdue loans as on March 31, 2004 due to natural calamities and restructure only the overdue installments and interest. (+3 more actions on this circular)
Instruct all branches to allow associations to open a new 'Tsunami Relief Account' for foreign contributions. (+4 more actions on this circular)
Instruct all branches to allow associations to open a new 'Tsunami Relief Account' for foreign contributions without prior FCRA approval. (+3 more actions on this circular)
Review all State Government guaranteed advances and investments to identify those overdue beyond 180 days for March 2006 compliance. (+3 more actions on this circular)
Update internal lending policies to reflect the SSI investment limits: Rs 1 crore (general), enhanced to Rs 5 crore for specified items (hosiery, hand tools, drugs pharmaceuticals, stationery items, sports goods), Rs 25 lakh (tiny enterprises), and Rs 10 lakh in fixed assets excluding land and building (SSSBEs). (+3 more actions on this circular)
SBI should immediately set up lead bank coordination mechanisms for Peren, Kiphire, and Longleng. (+3 more actions on this circular)
Check your bank's net worth as per the latest NABARD Inspection Report to see if it meets the new ₹50 crore threshold. (+3 more actions on this circular)
Review all advances classified as 'doubtful for more than three years' and calculate provisioning as per the new graded schedule. (+3 more actions on this circular)
Formulate a board-approved KYC and AML policy within three months from circular date (by May 18, 2005). (+4 more actions on this circular)
Formulate a board-approved KYC and AML policy within three months from February 18, 2005. (+4 more actions on this circular)
SBI should immediately initiate lead bank activities in Anjaw district, including formation of District Consultative Committee. (+2 more actions on this circular)
Consider forming branch advisory committees at every rural branch with panchayat representatives and women leaders, and schedule quarterly meetings with controlling official attendance. (+4 more actions on this circular)
Coordinate with Jammu & Kashmir Bank for all lead bank scheme activities in Anantnag, Budgam, Pulwama, and Srinagar districts. (+2 more actions on this circular)
Update internal systems to reflect new deposit rates for RIDF IV-VII from April 16, 2005. (+3 more actions on this circular)
Attend pre-PLP meetings convened by LDM in August/September to provide input on credit potential. (+4 more actions on this circular)
Update internal systems and branch instructions to reflect the new cut-off date of July 31, 2005 for PMRY 2004-05 sanctions. (+3 more actions on this circular)
Instruct regional offices and branches to follow SLBC convener-led data reconciliation with state governments and RBI. (+3 more actions on this circular)
Update internal lending policies and product documentation to reflect the new Rs 10 lakh limit for produce marketing loans. (+3 more actions on this circular)
Identify SIDBI branches in your operational clusters and initiate strategic alliance discussions as encouraged by RBI. (+3 more actions on this circular)
Fix DLRC meeting dates after consulting MPs/MLAs for their convenience. (+2 more actions on this circular)
Review all State government guaranteed advances and investments to identify overdue accounts. (+3 more actions on this circular)
Stop classifying any new venture capital investments made after June 30, 2005 as priority sector lending. (+3 more actions on this circular)
Ensure all branches have standing instructions for calamity response, shared with district collectors and state authorities. (+3 more actions on this circular)
Update internal policies to ensure no insistence on succession certificates, probate, or indemnity bonds for accounts with survivor/nominee clauses. (+3 more actions on this circular)
Update internal systems to process same-day sale of G-secs for CSGL accounts. (+3 more actions on this circular)
Identify SLR securities in 'current' category eligible for transfer to 'permanent' category under this one-time relaxation. (+4 more actions on this circular)