Important Links/Sites 
NOTIFICATION FOR CHARTERED ACCOUNTANT
Maharashtra Gramin Bank invites applications from practicing firms of Chartered Accountants within state of Maharashtra, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors / Revenue Auditor/ Stock & Receivable Auditors of the Bank for specified branches/offices/key Risk areas for FY 2025-26.
Following are the terms and conditions for applying for empanelment of Concurrent Auditor/Revenue Audit/Stock & Relievable Audit in Maharashtra Gramin Bank for the period 1st April 2025 to 31st March 2026.
A. Mandatory Conditions for Appointment: -
1. Applicant should be either a Partnership or a Limited Liability Partnership or Proprietorship Firm or a Company, already on the panel of the R.B.I., which is circulated among Banks for Statutory Audit of Banks from time to time. Preference will be considered for the firms which are empanelled with RBI or NABARD.
2. Those Audit firms which are conducting Concurrent Audit in our bank continuously for a period of THREE years are not eligible for re-empanelment for the FY 2025-26.
3. Empanelment and allocation of branches to the auditors will be purely the prerogative of the Bank. Such empanelment shall be initially for a period of one year and can be extended up to a maximum period of 3 years subject to satisfactory performance of the auditor.
4. The Concurrent Audit firm will be submitting undertaking that they will not sub contract the audit assignment under any pretext in any form. The audit report needs to be signed by the officials mentioned in the online applications.
5. Auditors should not have been disqualified under Section 143 of the Companies Act, 2013 to accept this appointment.
6. The Concurrent Audit firm / or the partners/ or directors/ or any of their clients should not have any credit facilities with the auditee Bank branch for which they are applying for except credit facilities against their own deposits.
7. The Firm / any partners / Directors of the Firm / Company / LLP / Proprietor should not have Statutory Audit, Credit Audit, Valuation of Fixed / Current assets or any other similar assignments with any branch of Bank of Maharashtra.
8. The firms should be having sufficient experience in conducting audits in Banks / our Bank. Weightage will be given to a firm having exposure in conducting concurrent audit of the Bank Branches for public sector / major private sector banks.
9. The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments.
10. Whenever any of the Proprietor / Partner / Director of the Audit Firm / Company is related to any of the employees / Directors of the Bank, the relationship with such employees / Directors should be specifically mentioned in the application.
11. The Bank has the discretion to consider or reject any of the applications based on any of the RBI / Government / Internal guidelines of the Bank, without assigning any reasons.
12. Only the Audit Firm provisionally selected for empanelment will be communicated through email. No individual intimation will be sent to the audit firm whose application is not considered for empanelment. No further correspondence will be entertained in this regard.
13. The Audit Firms should give their consent in writing in the prescribed format agreeing to comply with and bound by the terms and conditions prescribed by the Bank after allotment of assignment as a concurrent Auditor.
14. The Audit firm selected is eligible for reappointment subject to Annual Review by the Bank up to a maximum period of 3 Years. Reappointment may be to the same branch or to any other branch at the discretion of the Bank.
15. The Audit Firm shall submit the reports in the prescribed format covering all the Audit areas within prescribed timeline.
16. The assignment should be carried out in a professional manner and in case of any misconduct or negligence; the Bank is free to report the matter at any time to ICAI / RBI. This will be in addition to the disengagement from the Concurrent Audit assignment.
17. The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank at the time of appointment.
18. The firm should give UDIN number for each report.
B. Selection Procedure:
1. The eligible interested individuals / Firms / LLPs / Companies should apply online only through the link provided on the bank's website i.e. www.mahagamin.in during the stipulated period only i.e. from 22.03.2025 (10.00 AM) to 31.03.2025 (5.00 PM). They should not send the hardcopy of the application / annexures to the Bank without being called for. No correspondence / communication from the applying Firms will be entertained by the Bank whatsoever till the Bank communicates selection to them (if selected).
2. An acknowledgement number for each completed application will be generated and the same will be displayed in the website immediately after submitting the application. This shall serve as a future reference number for the Bank / applicant. The applicant can take printout of the completed / submitted application along with the acknowledgement number for reference.
3. The applications received by the Bank would be screened by a Committee of Executives constituted for this purpose, which will consider empanelment of CA firms based on their experience, number of staff members employed, number of partners, seniority etc. and any other factor considered necessary by the Committee for which the decision of the Committee shall be final.
4. Merely meeting the eligibility criteria shall not automatically entitle the firm for empanelment. After empanelment, the work will be allotted as and when need arises at the sole discretion of the Bank. The empanelment will not give any right to the empanelled firms for carrying out the assignments. The Bank reserves its right to cancel any or all the offers without giving any reason whatsoever.
5. The appointment / allotment of branches shall be based on the availability of branches and number of Audit Firms in a particular area. The Bank reserves the right to appoint any Audit Firm for Concurrent Audit.
6. Based on the above, the Audit Firm will be provisionally selected for empanelment. Bank shall communicate the provisional selection to such Firms by way of email / letter and call for the hard copies of the application, letter of acceptance and other documents to be received by the Bank before the specified due dates. After receipt of this communication the Audit firm should send the hard copy of the application and copies of registration certificate issued by ICAI, proof of UCN registration issued by RBI etc. within the specified date.
7. After receipt of hard copy of the application, letter of acceptance and other documents from the Firms; the Bank will empanel the Audit Firm for Concurrent Audit for the period from 01/04/2025 to 31/03/2026 subject to correctness of the information furnished in the application / annexures.
8. If the selected Firm has not sent hard copies of the application and other details and letter of acceptance duly signed by them within the due date, the provisional selection will stand automatically cancelled. No separate intimation in this regard will be communicated.
In respect of Firms which are not being selected, no communication will be sent by the Bank and no further correspondence from the Firm will be entertained.
C. Fees Structure for Concurrent Audit:
| Age | Particulars | Revised Structure | |
|---|---|---|---|
| Professional Fees(Monthly) | Professional Fees (Quarterly) | ||
| 01 | Investment & Accounts Departments. | No Change | No Change |
| 02 | Branches having Business above Rs. 150.00 Crore | 9000/- | Not Applicable |
| 03 | Branches having Business above Rs. 100.00 Crore to 150.00 Crore | 8000/- | Not Applicable |
| 04 | Branches having Business from Rs. 40.00 Crore to Rs.100.00 Crore | Not Applicable | 10000/- |
| 05 | Branches having Business below Rs.40.00 Crore (in exceptional cases) | Not Applicable | 7000/- |
All the Auditors are eligible for local Conveyance allowance of Rs. 1000/- per branch. Except above no any remuneration will be entertained.
D. Penalty Clause:
| S No. | Coverage Area | Scope of work expected from Auditor | Quantum of Measurement | Penalty to be imposed (including GST) |
|---|---|---|---|---|
| 01 | Detection of Income leakage | Income leakage, if detected to be reported | Non-detection /Non-reporting/short recovery of income leakage from the date it becomes due. The penalty to be levied is on the account of opportunity loss for the bank. | For Non-detection / Non-reporting: 1% to 5% of the amount in the area of income leakage not detected/reported i.e. 1. Processing/Documentation charges 2. Inspection charges 3. BG commission 4 Locker Rent Ex- Processing fees of Rs. 1.00 lakh is identified by an auditor except the concurrent auditor. Penalty will be Rs. 1000/- for one such instance. If such instances are more than overall cap of 20% then 20% of remuneration cost will be charged. |
| 02 | Detection of Major Lacunae in the conduct of the account, system & procedures. | Timely detection on major lacunae | Non detection of major lacunae as enumerated. | Rs. 250/-per major lacunae in an account with a maximum penalty of 5% of monthly/quarterly remuneration. |
| 03 | Failure to comment on frauds, which may cause loss to the bank | Detection/reporting of fraud | Non detection /not reporting of fraud arising on account of failure in implementation of systems & procedures and security lapses. | 10% of monthly/quarterly remuneration per instance, with a cap of 25% of monthly/quarterly remuneration. |
| 04 | Submission of monthly/quarterly concurrent audit report | Monthly reports to be submitted on or before 7th day of the succeeding month to the branch/head of the department | Non submission as per schedule | Non/delayed submission up to 1 month: Rs. 250/- per day till submission with an cap of 10% of monthly remuneration. Non submission by over 1 month to 3 months: 20% of audit fee payable for the month. Non submission beyond 3 months: Termination of the contract giving one-month notice. |
E. For Revenue Audit -
In respect of Firms which are not being selected for Concurrent Audit for the year 2025-26, they will be eligible for Revenue Audit assignment, for the period 01/04/2025 to 31/03/2026. Based on Bank’s requirement, firms will be selected for Revenue Audit work and allotment will be made tentatively in April 2025.
