<h1>RBI Sets New Guidelines for Auditors in Banks; Stops Letters of Undertaking; Complaints Rise Under Ombudsman Scheme.</h1> The Reserve Bank of India (RBI) has established guidelines for appointing Statutory Central Auditors and Statutory Branch Auditors in Public Sector Banks, detailing eligibility and selection procedures. Private and foreign banks must meet specific standards for auditor appointments, including terms and audit firm limitations. For overseas branches, annual auditor appointments are required. Concurrent and internal audits are guided by RBI's comprehensive framework. The RBI has stopped the issuance of Letters of Undertaking as of March 2018. Complaints against commercial banks have increased over recent years, with actions taken under the Banking Ombudsman Scheme. This information was shared in a government statement.