Change in Statutory Auditors
Awaiting price reaction for this filing.
State Bank of India has informed stock exchanges that the Reserve Bank of India (as the regulatory authority) has appointed 11 audit firms to conduct the statutory central audit of the Bank for the quarter and year ending 31 March 2025. The firms include Gokhale & Sathe, Ravi Rajan & Co. LLP, J L N U S & Co., R G N Price & Co., Rama K Gupta & Co., Vinod Kumar & Associates, Varma & Varma, O P Bagla & Co., Gopal Sharma & Co., B C Jain & Co., and S G C O & Co. For public sector banks, the RBI typically rotates auditors annually from a pool of firms approved by it. This is a routine regulatory-driven appointment communicated under SEBI LODR Regulation 30.
This is a standard annual auditor rotation mandated by the RBI for public sector banks and does not reflect any governance issue or concern with the bank's accounts. No material impact on shareholders or stock price is expected.