With loan default case on a rise, the RBI is keeping a close eye on three dozen chartered accountants for allegedly conniving with promoters in defaulting as well as restructuring the stressed assets, sources said.
Sources said the Reserve Bank of India (RBI) is looking into the role of around 35 to 40 chartered accountants in loan defaults by various companies.
The regulators are assisting if at all these CAs helped the entities in doing deliberate defaults and restructuring the dud assets, they added.
Responses to queries sent to the chartered accountants’ apex ICAI on the issue were awaited. The Institute of Chartered Accountants of India (ICAI) works closely with the RBI on various issues. The NPA woes of the banks were further aggrieved once the PNB fraud came into the open. ICAI panel is already looking into PNB fraud to understand the systemic issues involved and suggest remedies.
To give banks some tough time, around Rs 4.5 lakh crore worth NPA assets are under insolvency resolution process.