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RBI permits banks to hire ex- officials for internal audit

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With banks facing shortage of experienced staff for internal audits, the Reserve Bank of India ( RBI) on Thursday allowed them to hire their retired officials for up to three years for assistance in conducting “Risk Based Supervision ( RBS)”.
RBI has also prescribed certain conditions for such hirings in the notification.
Each bank, it said, should formulate, with the approval of their Board of Directors, a policy to engage the services of its retired personnel for a maximum tenure not exceeding three years in the areas where it does not have enough expertise.
“The policy should inter alia include the terms of engagement, review of performance, termination of services...,” it said.
Further, banks need to ensure that the retired personnel so engaged work under the close supervision of the management of the bank and the final sign- off of the audit reports would be the responsibility of the serving bank officials.
Business Standard New Delhi,26th August 2016

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