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

Webinar 13th May

12 May 2022
We have two very exciting knowledge-sharing webinars scheduled for Friday 13th May 2022, as under:   A.      Schedule for the sessions:  

Webinar 11th March

10 March 2022
E-Workshop - Audit for FY 2021-22 - Schedule III templates for additional requirements and disclosures including ICAI Guidance   You are requested to attend the Virtual Workshop on "Schedule III to the Companies Act, 2013 and CARO 2020: Preparing for the New Disclosure Requirements".  

Applicability of E-invoicing for a person with a turnover of Rs.20 crores or above w.e.f. 1 April 2022

1 March 2022
E-invoicing provisions under GST had been made effective from 1 October 2020 for persons whose aggregate annual turnover exceeds Rs.500 crores. The exemption limit was reduced from Rs.500 crores to Rs.100 crores with effect from 1 January 2021 and further brought down to Rs.50 crores with effect from 1 April 2021.

Valuation and Accounting Estimates under Ind AS Sector-Wise Analysis

1 March 2022
Indian Accounting Standards (Ind AS), the IFRS-converged financial reporting framework, is extensively based on fair valuation measurement base. Ind AS has extensive application of fair valuation, management judgements and accounting estimation, most of which often have a significant effect on the reported financial results and financial position.

Key Highlights of Rajasthan State Budget 2022-23

1 March 2022
The Rajasthan State Budget for financial year (FY) 2022-23 was presented by the State Chief Minister, Shri. Ashok Gehlot on 23 February 2022.   The Budget proposals cover various aspects of the economy, viz. Infrastructure Development, Investment & Economic Growth and Social Development.  

Gujarat High Court allows Condonation Application for Filing Form 10-IC

1 March 2022
The purpose of this newsflash is to highlight the recent judgment in the case of Rajkamal Healds and Reeds Pvt. Ltd. v/s ADIT pronounced by Hon’ble Gujarat High Court (R/SPECIAL CIVIL APPLICATION NO.

New Faceless Appeal Scheme, 2021

1 March 2022
In order to provide efficiency, transparency and accountability by eliminating the interface between taxpayers, Income-tax authorities and Commissioner of Income-tax (Appeals), Central Board of Direct Taxes (‘CBDT’) had notified Faceless Appeal Scheme, 2020 vide Notification nos.

Extension of Timelines for Electronic Filing of Various Forms

28 February 2022
The Government has vide Circular no. 16/2021 dated 29th August, 2021 has provided relaxation in making various compliances under the Income Tax Act, 1961 considering the difficulties faced by taxpayers and other stakeholders in Electronic filing of certain Forms  

Changes in Regulatory Provisions related to Independent Directors

28 February 2022
The Securities and Exchange Board of India (SEBI) has at its meeting held on 29th June, 2021,  approved certain amendments to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) pertaining to regulatory provisions related to Independent Directors (IDs).

CBDT extends applicability of Safe Harbour rules to Assessment Year 2021-22

28 February 2022
On 24 September 2021, Central Board of Direct Taxes (‘CBDT’) has issued Notification No.

OECD Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy

28 February 2022
On October 8, 2021, Organization for Economic Co-operation and Development (‘OECD’)/G20 Inclusive Framework (‘IF’) has issued statement on Two-Pillar solution to Address the Tax Challenges Arising from the Digitalisation of the Economy.

Key Proposals of The Taxation Laws (Amendment) Bill, 2021

28 February 2022
The Finance Minister presented the Taxation Laws (Amendment) Bill, 2021 (herein referred as ‘the Bill’) in the Lower House of Parliament on 5 August 2021.

Webinar 18th January

14 January 2022
Knowledge sharing webinar on “US Business Operations of Indian Companies – Key Tax & Regulatory Aspects”, hosted by RSM India with the US Tax & Regulatory Experts from RSM USA.   18 January 2022 – Tuesday (6.30 pm to 8.00 pm India Time i.e. 7.00 am to 8.30 am US Central Time)  

Pages