Banking, Financial Services and Insurance (BFSI)

Our service offerings for the BFSI industry

Banking, Financial Services and Insurance (BFSI) is set to grow exponentially in India due to the rising per capita income, introduction of new products, innovation in technology, expanding distribution, networking and increasing customer awareness of financial products. BFSI Industry has seen bold reforms in the last 15 years and will continue to be a top priority focus industry for India’s economic development based on inclusive growth.

Opportunities and Challenges:

  • BFSI industry is set to grow significantly in the coming years due to India’s economic expansion and growing awareness among the population of these financial products / services
  • New and wider products will provide immense opportunities to develop niche areas
  • The industry has adopted IT as an integral part of business strategy, where RSM is well positioned to provide various services on such IT platforms
  • High supervision by regulators will require constant vigilance and need to adopt measures to mitigate risks based on various control measures including ‘Risk Based Audits’ (RBA) as provided by:
    • The Reserve Bank of India in its RBA guidelines to banks
    • The Insurance Regulatory authority of India (IRDA) to the insurance industry
    • Securities Exchange Board of India (SEBI) for the mutual fund industry

How we can help:

  • Concurrent audit of Central Processing Centre
  • Concurrent audit of Regional Processing Centre
  • Concurrent audit and Internal audit of Branch Operations
  • ‘Know Your Customer’ (KYC) audit
  • Trade Finance audit
  • Operations Manual compilation job
  • Retail Liability audit
  • Manpower assessment services
  • ERM Framework designing services
  • Retail Assets audit
  • Depository Participant audit
  • Certification Report (A1 & A2 Forms for Forex)
  • Certification Report for Central Depository Services Limited
  • Certification Report for National Depository Services Limited
  • Stock audits on periodical basis
  • Audit of hypothecated securities on a periodical basis
  • SOX audits / reviews for selected branch operations areas

Concurrent audits:

Concurrent audit is examinations which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not involved in its documentation. Concurrent audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilance internal audit to preclude the incidence of serious errors and fraudulent manipulations.

Concurrent audits conducted by us include:

  • Compliance review for ‘Know Your Customer’ (KYC) guidelines issued by the regulators
  • Review of all major ‘TAT’ (Turn Around Time) compliance set for major operational transactions
  • Identification of ‘Revenue Leakages’ due to incorrect income realization (incorrect interest recovery, short or non recovery of charges or penalties, etc.)
  • Continuous monitoring of systems and procedures including IT systems
  • Review for compliance to all major regulatory requirements as applicable to banking and financial industry
  • Review for compliance of the relevant Operational Manual applicable to various functions and reporting exceptions, if any and covers the following:
  • Corporate Banking and Trade Finance (Bill Discounting, Bank Guarantees, Packing Credit, Import and Export Remittances, etc.)
  • Retail Liability (Current Account, Savings Account, term deposits, etc.)
  • Retail Assets (Home Finance, Agricultural Finance, Personal Overdraft, etc.)
  • Cash Management services
  • Depository Participant Services
  • Credit Administration
  • Small and Medium Enterprises (SME) Finance


Advantage RSM:

  • RSM in India is consistently ranked amongst India’s top six accounting and consulting groups and globally RSM is the seventh largest audit, tax and consulting network
  • We have some of the major private, foreign and public sector banks as clientele
  • Large projects handled for Central Processing Centre (CPC) and Regional Processing Centre (RPC) at top private and foreign banks
  • Extensive experience in catering to the financial services sector in advisory, taxation and accounting matters across functions and geographies
  • Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates

India Budget 2023 - Publication

2 February 2023
India Budget 2023 - Publication We are pleased to enclose herewith our publication viz. 'India Budget 2023 – Highlights' wherein we have analysed the Union budget tax and other Regulatory Proposals announced on 1st February 2023.

Join our Webinar where we will demystify the Budget proposals

1 February 2023
The union finance minister has presented the budget proposals on 1st February 2023 which would provide for the fiscal and tax roadmap for the year ahead.

2023 Pre Budget: Will Salaried individuals get relief this year?

1 February 2023
2023 Pre Budget: Will Salaried individuals get relief this year?  

Union Budget 2023 Wishlist: Corporate Taxation

1 February 2023
Union Budget 2023 Wishlist: Corporate Taxation  

Union Budget 2023: Pre Budget Wishlist Gems & Jewellery (G&J) Industry

30 January 2023
Union Budget 2023: Pre Budget Wishlist Gems & Jewellery (G&J) Industry  

Budget 2023: Income tax changes that professionals, small businesses want

30 January 2023
Budget 2023: Income tax changes that professionals, small businesses want  

2023 Union Pre-Budget Wishlist: Personal Tax

30 January 2023
023 Union Pre-Budget Wishlist: Personal Tax  

Budget 2023 – Pre-Budget Expectations on Indirect Taxes

23 January 2023
Budget 2023 – Pre-Budget Expectations on Indirect Taxes Sector-specific expectations:

2023 Union Budget Wishlist: Senior Citizens

16 January 2023
India is the second most populated country in the world after China with an approximate population of 1.39 billion. Out of this, approximately 10.36% are aged 60 years or above i.e. ~ 144 million constituting a substantial part of the Indian demography and thus significantly driving the growth of the country.  

2023 Union Wishlist: Salaried Taxpayers

16 January 2023
There are more than 80 million taxpayers in India and of which besides corporates, salaried class taxpayers form a significant chunk. The annual budget exercise is one of the keenly awaited regulatory announcements by the salaried class as any reliefs / deductions or changes in tax rates directly impacts their finances and budget.

Summary of Recent Circulars issued under GST

11 January 2023
In accordance with the recommendations made by the GST Council in its 48th meeting, Central Board of Indirect Taxes and Customs (CBIC) has issued several clarificatory circulars on prevalent issues under GST.  

UAE releases Federal Decree on Taxation of Corporations and Businesses

11 January 2023
United Arab Emirates (‘UAE’) has issued the Federal Decree-Law No. 47 of 2022 on the taxation of Corporations and Businesses in December 2022 and which would be effective from period commencing on or after 1 June 2023.

Newsflash: Central Government brings into force the changes notified under CGST Act 2017 vide Finance Act 2022 with effect from 1 October 2022

11 January 2023
The Central Board of Indirect Taxes and Customs (CBIC) vide Central Tax Notification No. 18/2022 – C.T. dated 28 September 2022 seeks to bring into effect the changes made under the CGST Act, 2017 through the Finance Act, 2022 and to be made effective from 1 October 2022.

RSM India: Giving back to the local community

1 December 2022
RSM India: Giving back to the local community   Goal 3 – Good health and well-being To give back to local communities, RSM India has engaged in a number of fundraising activities such as donating to worthwhile causes or volunteering to help the underprivileged and society at large.

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