Who bears the expenses of a special audit ordered by the RBI under s.30(1C)?
AThe banking company
BThe Reserve Bank
CThe Central Government
DThe appointed auditor
Answer & Solution
Correct answer: A. The banking company
Section 30(1C) states that the expenses of the special audit specified in the RBI's order are borne by the banking company itself.
Keep practising Special Features of Audit of Banks and Non-Banking Financial Companies
Browse all Special Features of Audit of Banks and Non-Banking Financial Companies questions for CA Final, or explore more Auditing topics.
Related questions
Under s.17, what must a profitable bank do before declaring dividend?A bank trades in groceries for profit. Which section does this breach?Which of these is an example of a non-banking financial institution?An NBFC differs from a bank in that it is what?A loan is generally non-performing when payments of interest and principal are past due byWhich formula gives SLR? (DTL = demand plus time liabilities)Raising SLR is generally used by RBI for what purpose?The statutory liquidity ratio is expressed as a percentage of which bank amount?