We understand that a declaration was being obtained from the Statutory Branch Auditors/Audit firms of State Bank of India that the Auditor/Audit firm which takes up the Statutory Central/Branch Audit assignment of SBI will not be eligible to be appointed as Statutory Central/Branch Auditors in any Private Sector/Foreign Bank during the current year.

The matter was taken up with SBI by the Professional Development Committee and on bringing this aspect to their knowledge,the above said declaration has been revised by the SBI. SBI has clarified that Branch Statutory Auditor of SBI can simultaneously engage themselves with Branch Statutory Audit of a Private Sector Bank and Foreign Bank.

The revised declaration in this regard is being issued to the concerned Auditors as stated by SBI to PDC.

This is for your information.

Source - http://www.pdicai.org