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February 12, 2008 |
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STATE BANK OF INDIA: RBI Appoints 14 Firms as Statutory Auditors The Reserve Bank of India has named 14 audit firms as statutory central auditors for the State Bank of India, a filing with the Bombay Stock Exchange reveals. According to the BSE filing, RBI, pursuant to a notice dated Jan. 31, 2008, has appointed these firms: 1. M/s. D P Sen & Co., Kolkata 2. M/s. Khandelwal Jain & Co., Mumbai 3. M/s. S K Mittal & Co., New Delhi, 5. M/s. M M Nissim & Co., Mumbai, 6. M/s. Jain Kapila Associates, New Delhi 7. M/s. Vinay Kumar & Co., Allahabad 8. M/s. Dutta Sarkar & Co., Kolkata 9. M/s. Laxminiwas & Jain, Hyderabad, 10. M/s. A K Sabat & Co., Bhubaneswar, 11. M/s. Dutta Singla & Co., Chandigarh 12. M/s. G M Kapadia & Co., Mumbai 13. M/s. V K Jindal & Co. Ranchi 14. M/s. Vardhaman & Co., Chennai. The 14 audit firms will act as SBI's statutory auditors until the bank's next annual general meeting. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/ -- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services, on June 18, 2007, assigned its 'BB' issue rating to the State Bank of India's proposed USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Primerating on State Bank of India's foreign currency bank deposits, Ba2/Not Prime on Financial Strength Rating in June 2006. |
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