A Complete Guide for Chartered Accountants & Audit Firms

CA Jagdeep Garhwal                                        11 March 2026                                     CA/CS                                          Featured, News

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AT A GLANCE

Organization	Central Bank of India (CBI)
Post / Role	Concurrent Auditor
Eligible Applicants	Chartered Accountant (CA) Firms
Application Mode	Online (Official Portal)
Purpose	Audit of Bank Branches / Offices
Regulatory Body	RBI (Reserve Bank of India)
Official Website	www.centralbankofindia.co.in

 

1. Introduction

CBI (Central Bank of India), one of India’s oldest and most distinguished public sector banks established in 1911, has invited applications from eligible Chartered Accountant (CA) firms for empanelment as Concurrent Auditors. The online empanelment process is open across various zones and regions of the bank, covering a large number of branches and administrative offices throughout the country.

Concurrent audit is a continuous and systematic review of financial transactions at the branch level to ensure daily adherence to the bank’s prescribed procedures, procedures, and guidelines. It acts as an early warning mechanism and is a critical tool for risk management in the banking sector.

2. What is Concurrent Audit in Banking?

Concurrent audit is essentially a real-time, on-site examination of the financial transactions of a bank branch or department. Unlike statutory audit (which is conducted after the financial year ends), concurrent audit takes place simultaneously with day-to-day transactions — hence the term ‘concurrent.’

The objectives of concurrent audit include:

• Ensuring compliance with RBI guidelines, bank policies, and internal circulars
• Early detection of frauds, irregularities, and misappropriation of funds
• Monitoring credit, forex, and deposit transactions on a regular basis
• Reviewing KYC/AML compliance and loan documentation
• Flagging NPAs and potential stressed assets at the earliest stage
• Ensuring proper maintenance of books of accounts and records

The RBI (Reserve Bank of India) has mandated concurrent audits for branches with high business volumes, forex dealings, or special risk profiles under its risk-based supervisory framework.

3. About Central Bank of India (CBI)

Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala and became the first Indian commercial bank to be entirely owned and managed by Indians. Headquartered in Mumbai, it is one of the ‘Big Six’ public sector banks in India and operates through a vast network of over 4,500 branches, 3,700+ ATMs, and numerous offices across all states and union territories.

CBI is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). It operates under the ownership of the Government of India (Ministry of Finance) and is regulated by the Reserve Bank of India. The bank offers a wide range of financial services including retail banking, corporate banking, agricultural lending, international banking, and treasury operations.

Given its large network and transaction volumes, concurrent audit plays a vital role in the bank’s internal control and governance framework.

4. Eligibility Criteria for Empanelment

4.1 Who Can Apply?

Only registered Chartered Accountant (CA) firms (proprietorship or partnership) that fulfill the prescribed criteria are eligible to apply. Individual CAs not operating as a registered firm are generally not eligible.

4.2 Key Eligibility Requirements

• The CA firm must be registered with the Institute of Chartered Accountants of India (ICAI)
• The firm should have a valid Certificate of Practice (CoP) as issued by ICAI
• Minimum number of full-time FCA (Fellow Chartered Accountant) partners as specified by the bank
• Minimum years of establishment and prior experience in bank/concurrent/statutory audits
• The firm should not have been blacklisted or debarred by any public sector bank, RBI, or government authority
• Preference may be given to firms with prior experience in concurrent audit of PSU banks
• Firms should have adequate staff and infrastructure to conduct audits independently

Note: Specific eligibility norms may vary slightly by zone/region. Applicants must carefully review the official notification for the zone in which they are applying.

5. How to Apply — Online Application Process

Step 1: Visit the Official Website

Applicants must visit the official website of Central Bank of India (CBI): www.centralbankofindia.co.in. Navigate to the ‘Recruitment / Empanelment’ or ‘Concurrent Audit Empanelment’ section on the portal.

Step 2: Register / Log In

New applicants must register on the empanelment portal by providing basic firm details such as ICAI registration number, firm name, contact information, and PAN. Existing registered firms can log in directly.

Step 3: Fill in the Online Application Form

The online form requires detailed information including:

• Firm registration details and ICAI firm code
• Constitution of the firm (proprietorship / partnership)
• Details of all partners — FCA/ACA status, date of qualification, experience
• Number of professional staff (CA assistants, articleship trainees)
• List of previous/current bank audits (concurrent, statutory, internal)
• Disclosure of existing assignments with other PSU banks
• Infrastructure details — office location, communication facilities

Step 4: Upload Supporting Documents

Applicants must upload scanned copies of the following:

• ICAI firm registration certificate
• PAN Card of the firm
• Partnership deed (if applicable)
• Proof of office address (lease agreement / utility bill)
• Membership certificates of all partners
• Experience certificate from previous audit assignments
• GST registration certificate (if applicable)

Step 5: Submit and Acknowledge

After verifying all entered details, submit the application. Download and save the acknowledgement receipt for future reference. No physical/hard copy application is required unless specifically requested by the bank.

6. Scope of Work for Concurrent Auditors

Upon successful empanelment, concurrent auditors at Central Bank of India branches are expected to carry out the following activities:

• Day-to-day scrutiny of advances — sanction, disbursement, and recovery
• Verification of loan documentation, security creation, and end-use of funds
• Monitoring deposit accounts for suspicious transactions and dormant accounts
• Review of foreign exchange transactions and FEMA compliance
• Scrutiny of cash transactions above threshold limits as per PML Act
• Review of revenue income — interest application, charges, commissions
• Compliance with KYC/AML guidelines and customer due diligence
• Reporting of frauds, attempted frauds, and cyber incidents
• Verification of large-value RTGS/NEFT/SWIFT transactions
• Submission of monthly concurrent audit report to the controlling authority

Auditors are also required to report on any divergence from RBI/bank guidelines, major lapses, and areas requiring management attention through structured report formats prescribed by CBI.

7. Remuneration and Tenure

The remuneration for concurrent auditors is fixed by the bank based on the business level, volume of transactions, and category of the branch. As per general industry practice for PSU bank concurrent audits:

• Remuneration is paid on a monthly basis, directly to the audit firm’s bank account
• The amount varies from branch to branch depending on aggregate advances, deposits, and other parameters
• The initial tenure of empanelment is typically one to three years, subject to satisfactory performance review
• Reappointment is possible subject to bank’s assessment of audit quality and RBI guidelines on rotation

Exact remuneration details are specified in the official empanelment circular. Applicants are advised to check the zone-wise notification for specific amounts.

8. Important Points & Guidelines for Applicants

• Ensure your ICAI registration is active and updated before applying
• Firms already empanelled as Statutory Auditors of Central Bank of India for the current year are NOT eligible for concurrent audit empanelment (conflict of interest)
• Firms should disclose all existing concurrent audit assignments with other banks at the time of application
• Incorrect or incomplete information will lead to rejection of the application
• The bank reserves the right to shortlist, waitlist, or reject any application without assigning reasons
• Empanelled auditors must maintain strict confidentiality of bank information at all times
• Auditors are required to submit audit reports within the time-frame specified by the bank
• Non-performance or quality lapses can result in premature termination of empanelment

9. Tips for CA Firms Applying for the First Time

For CA firms applying for concurrent audit empanelment with a PSU bank for the first time, here are some practical suggestions:

• Ensure your ICAI firm registration and all partner memberships are current and without any disciplinary proceedings
• Highlight any prior experience in bank audits — even internal audit, stock audit, or revenue audit is relevant
• Prepare a complete set of documents in advance to avoid last-minute delays
• Read the bank’s circular thoroughly; different zones may have different requirements
• Ensure your firm has adequate manpower to commit to monthly audits and timely reporting
• Investing in audit management software and digital tools will strengthen your application

Concurrent audit with a large PSU bank like CBI (Central Bank of India) is a prestigious assignment and offers excellent learning opportunities, a regular revenue stream, and a strong addition to your firm’s credentials.

10. Conclusion

The online empanelment drive by Central Bank of India for Concurrent Auditors represents an important opportunity for CA firms across the country to partner with one of India’s most storied public sector banks. As banking transactions grow in complexity and regulatory scrutiny intensifies, the role of concurrent auditors has never been more critical.

CA firms that meet the eligibility criteria are strongly encouraged to apply before the deadline and contribute to strengthening the internal controls and governance framework of the Indian banking system. The concurrent audit function is not merely a compliance checkbox — it is the first line of defense against fraud, mismanagement, and financial irregularities.