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Banking sector at decadal high, poised to support economic growth | Capital Market News

Swaminathan J, Deputy Governor of the Reserve Bank of India, recently stated that the banking sector is currently performing at its highest level in a decade in terms of various financial parameters. He expressed confidence that the sector is well-positioned to support the growth of the Indian economy. However, Swaminathan emphasized the need for a collective effort to ensure the sustainability of this positive trend in the coming years.

Addressing the Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks and All India Financial Institutions, Swaminathan highlighted the crucial role of auditors and CFOs in upholding financial integrity and governance within the banking system. He stressed the importance of auditors conducting thorough audits to prevent any potential issues such as divergence, under-provisioning, or non-compliance with legal and regulatory requirements. Evaluating internal financial controls over financial reporting was also noted as a critical responsibility for auditors.

Swaminathan underscored the essential partnership between auditors, CFOs, and financial sector regulators in ensuring the integrity and stability of financial institutions. By maintaining high standards and adhering to regulatory guidelines and auditing standards, auditors can help minimize the need for regulatory intervention.

It is important for all stakeholders in the banking sector to work together to maintain the current positive trajectory and support the continued growth of the Indian economy.

Disclaimer: No Business Standard Journalist was involved in the creation of this content.

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