Compliance requirement of obtaining certifications in specified areas as per the Reserve Bank of India (RBI) Circular dated 11 August 2016*
Compliance requirement of obtaining certifications in specified areas as per the...
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RBI has made it mandatory for all commercial banks and All India Financial Institutions (AIFIs) in India to obtain certification in specified areas for their employees, vide circular dated 11 August 2016 on Capacity Buildings in Banks and AIFIs. As per the circular, banks should make acquiring of a certificate course mandatory for the following areas:
It is expected that employees working in the aforementioned areas should be asked to acquire certifications before 31 March 2018, making this a significant compliance requirement.
The Indian Banking Association (IBA) has identified, in consultation with RBI, a list of institutions and courses that will meet the certification requirements for different work areas mentioned above.
The RBI circular also stated that banks should put in place a Board approved policy in this regard, mandating such certifications by its employees working in respective areas. The Boards of the banks are required to provide necessary guidance and monitor the implementation of this initiative.
IBA circular** accrediting agencies for providing training in the above mentioned areas
KPMG in India is the only accounting firm accredited by IBA in the area of accounting. IBA has accredited the Diploma in IFRS (ACCA) training programme conducted by KPMG in India, the only gold-approved learning partner accredited by ACCA.
This programme is relevant to the following sets of employees in the bank:
DipIFR course by KPMG in India
DipIFR is KPMG’s flagship training programme, designed to enable participants to acquire the skills and knowledge related to the latest international accounting practices and help them prepare for Diploma in IFRS examination conducted by ACCA. The course has the following structure:
Level 1: At the end of the programme, KPMG will issue a Certificate of Completion depending on the attendance and marks obtained in the final mock exam
Level 2: Participants can further appear in the examination conducted by ACCA to attain their Diploma in IFRS
Delivery Modes: This course is available in three formats:
More details on this course can be found here.
The KPMG in India advantage:
Other relevant courses provided by KPMG in India:
* Circular no: DBR.No.BP.BC.4/21.03.009/2016-17 Capacity Building in Banks and AIFIs/ Reserve Bank of India (RBI)/ August 2016/ Accessed 15th November 2017
** Circular no: CIR/HR&IR/KSC/2017-18/2602 Committee on Capacity Building: Report and Recommendation/ IBA/ April 2017/ Accessed 15th November 2017
To know more about this mandate and how KPMG can help, please get in touch with us at IN-FMCFS@KPMG.com
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