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of <h1>New RBI Power: Section 45MAA Allows Removal of Non-Compliant Auditors for Up to Three Years Under Finance Act 2019.</h1> Section 45MAA is introduced into the Reserve Bank of India Act, 1934, by the Finance (No. 2) Act, 2019. This section empowers the Reserve Bank of India to take action against auditors who fail to comply with its directions or orders under section 45MA. The Bank can remove or debar such auditors from performing their duties for any entities regulated by the Bank for a period of up to three years.
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