The South Indian Bank Limited has informed the Exchange about Appointment of Joint Statutory Central Auditors of the Bank
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South Indian Bank has received RBI approval to appoint Joint Statutory Central Auditors for FY 2025-26. M/s M P Chitale & Co. will continue for their second year, while M/s Borkar and Muzumdar has been newly appointed for their first year as the second joint auditor. The appointment of Borkar and Muzumdar is for a three-year term (till the FY 2027-28 AGM) and is subject to shareholder approval at the upcoming 97th AGM. One of the existing joint auditors, M/s K Venkatachalam Aiyer & Co., is retiring on completion of their term after the 97th AGM. Both firms have extensive experience auditing public and private sector banks, NBFCs, and listed companies.
This is a routine auditor rotation done in compliance with RBI guidelines on appointment of Statutory Central Auditors for commercial banks. No material impact on shareholders or stock price is expected, as auditor changes at the end of a term are standard regulatory practice.