The Management Accountant - January 2024

The pioneering Journal of the Institute, “The Management Accountant” has been published since January 1966. It is being published regularly keeping in mind the needs of the Cost and Management Accountants (CMA) and provides wide knowledge on the recent developments and changes in the global, national, financial and economic scenario. The rich contents in the Journal keep informed the readers of sound professional ethics and keep them abreast of new developments.

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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)

Journal of

Enlisted in UGC-CARE REFERENCE LIST OF QUALITY JOURNALS

Banking

IN INDIA

EMERGING CHALLENGES

AND PREPAREDNESS

OF THIS SECTOR

January 2024 VOL 59 NO. 01 Pages - 124 100

2 The Management Accountant - January 2024

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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)

Journal of

Enlisted in UGC-CARE REFERENCE LIST OF QUALITY JOURNALS

��

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PRESIDENT

CMA Ashwin G. Dalwadi

president@icmai.in

VICE PRESIDENT

CMA Bibhuti Bhushan Nayak

vicepresident@icmai.in

COUNCIL MEMBERS

CMA (Dr.) Ashish Prakash Thatte, CMA Avijit Goswami, CMA Chittaranjan Chattopadhyay,

CMA Harshad Shamkant Deshpande, CMA (Dr.) K Ch A V S N Murthy, CMA Manoj Kumar

Anand, CMA Navneet Kumar Jain, CMA Neeraj Dhananjay Joshi, CMA Rajendra Singh Bhati,

CMA Suresh Rachappa Gunjalli, CMA T C A Srinivasa Prasad, CMA (Dr.) V. Murali,

CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia, Shri Inder Deep Singh

Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired)

Secretary

CMA (Dr.) Kaushik Banerjee

secy@icmai.in

Senior Director (Studies)

CMA (Dr.) Debaprosanna Nandy

studies.director@icmai.in

Senior Director (Membership)

CMA Arup Sankar Bagchi

membership.director@icmai.in

Director (Examination)

Dr. Sushil Kumar Pareek

exam.director@icmai.in

Director (Finance)

CMA Arnab Chakraborty

ﬁnance.director@icmai.in

Additional Director (PR Corporate, Public Relation & Admin-Delhi)

Dr. Giri Ketharaj

admin.hod@icmai.in, pr.hod@icmai.in

Additional Director (Tax Research)

CMA Rajat Kumar Basu

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CMA (Dr.) Sumita Chakraborty

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CMA Nisha Dewan

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CMA Tarun Kumar

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CMA Kushal Sengupta

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Director (Discipline) & Additional Director

CMA Rajendra Bose

discipline.director@icmai.in

Additional Director (Journal & Publications and Board of Advanced Studies & Research)

CMA Sucharita Chakraborty

journal.hod@icmai.in

Additional Director (BFSI)

CMA Dibbendu Roy

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Mr. Ashish Tewari

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Ms Jayati Sinha

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CMA Indu Sharma

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CMA R. K. Jain

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CMA Yogender Pal Singh

intlaffairs@icmai.in

Institute Motto

असतोमा स�गमय

तमसोमा �यो�त� ् गमय

म�योमा�मत� गमय

ृ

ॐ �ा��त �ा��त �ा��त�

From ignorance, lead me to truth

From darkness, lead me to light

From death, lead me to immortality

Peace, Peace, Peace

Headquarters

CMA Bhawan, 12 Sudder Street

Kolkata - 700016

Delhi Oﬃce

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January 2024 - The Management Accountant

JANUARY 2024

INSIDE

JUNE VOL 56 NO.06 `100

JANUARY VOL 59 NO.01 `100

COVER STORY

INTERVIEW

CONCURRENT AUDIT OF CREDIT PROPOSALS

(Credit Risk Management - CRM) ---- 25

CMA’s ROLE IN BANK CREDIT APPRAISAL AND

MONITORING FRAMEWORK ---- 30

DIGITAL LENDING

(A Way Forward) ---- 33

STOCK & BOOK DEBTS AUDIT OF BANKS

(Working Capital / Cash Credit Loans) ---- 38

CONTROL ‘ELECTRICITY COSTS’ OF BANKS

(Through ‘Energy as a Service’ (EaaS) Model) ---- 42

“e`”

CENTRAL BANK DIGITAL CURRENCY ---- 46

NEW ERA OF “EXPECTED CREDIT LOSS PROVISIONING” IN

INDIAN BANKING SECTOR ---- 52

SUSTAINABILITY REPORTING IN THE BANKING SECTOR:

EXPLORING THE TRENDS AND UNRAVELING THE IMPACT ON

FINANCIAL PERFORMANCE ---- 57

LEGAL FRAMEWORK FOR GRIEVANCE RESOLUTION IN

BANKING INDUSTRY IN INDIA ---- 63

MERGER AND ACQUISITION IN INDIAN BANKING:

A RETROSPECTIVE ANALYSIS ---- 67

UNDERSTANDING MECHANISMS OF EXPECTED CREDIT LOSS (ECL)

BASED PROVISIONING OF BANK LOAN ---- 72

CMA (Dr.) Ram Jass Yadav

Executive Director

Punjab & Sind Bank, New Delhi

⑦⑥

4 The Management Accountant - January 2024

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From the Editor’s Desk

President's Communique

From the Desk of Chairman - BFSIB

From the Desk of Chairman -

(CAT & AAT Board)

ICMAI-CMA Snapshots

Digital Object Identifier (DOI) -

March - 2023

Down the Memory Lane

News from the Institute

Statutory Updates

Flashback 2023

100

102

104

116

118

..............................................................................................................................................................................................................................................................................

The Management Accountant, official organ of The Institute of Cost

Accountants of India, established in 1944 (founder member of IFAC, SAFA and

CAPA)

EDITOR - CMA Sucharita Chakraborty

on behalf of The Institute of Cost Accountants of India, 12, Sudder Street,

Kolkata - 700 016, P. S. New Market, West Bengal

e-mail: editor@icmai.in

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P. S. New Market, West Bengal

PUBLISHED FROM - The Institute of Cost Accountants of India, 12, Sudder

Street, Kolkata - 700 016, P. S. New Market, West Bengal

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CMA (Dr.) K Ch A V S N Murthy

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The Management Accountant Journal is Enlisted in:

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The Management Accountant Journal is Indexed and Listed at:

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DISCLAIMER -

= The Institute of Cost Accountants of India does not take responsibility for returning unsolicited

publication material. Unsolicited articles and transparencies are sent in at the owner’s risk and the

publisher accepts no liability for loss or damage.

= The views expressed by the authors are personal and do not necessarily represent the views of the

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= The Institute of Cost Accountants of India is not in any way responsible for the result of any action taken

on the basis of the articles and/or advertisements published in the Journal. The material in this

publication may not be reproduced, whether in part or in whole, without the consent of Editor, The

Institute of Cost Accountants of India. All disputes are subject to the exclusive jurisdiction of

competent courts and forums in Kolkata only.

...................................................................................................

..............................................................................

Vinod Chi�al

vinod@spentamul�media.com

+91 98192 36413

We have expanded our Readership from 1 to 94

Countries

Afghanistan, Algeria, Argentina, Australia, Azerbaijan, Bahrain,

Bangladesh, Belgium, Benin, Botswana, Brazil, British Indian

Ocean Territory, Bulgaria, Cambodia, Cameroon, Canada, Chile,

China, Colombia, Croatia, Czech Republic, Djibouti, Egypt,

France, Gambia, Germany, Ghana, Great Britain, Greece,

Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq,

Ireland, Italy, Jamaica, Japan, Jordan, Kazakhstan, Kenya,

Kuwait, Lebanon, Liberia, Lithuania, Malawi, Malaysia,

Mauritius, Mexico, Morocco, Myanmar, Namibia, Nepal,

Netherlands, New Zealand, Nigeria, Oman, Pakistan, Papua New

Guinea, Paraguay, Peru, Philippines, Poland, Portugal, Qatar,

Romania, Russia, Rwanda, Saudi Arabia, Serbia, Seychelles,

Singapore, Slovakia, Slovenia, South Africa, Spain, Sri Lanka,

Suriname, Sweden, Switzerland, Syria, Taiwan, Tanzania,

Thailand, Turkey, Uganda, Ukraine, United Arab Emirates,

United Kingdom, United States of America, Vietnam, Zaire,

Zimbabwe.

DIGITAL TRANSFORMATION OF BANKING AND

SERVICE DELIVERY PLATFORMS WITH

BLOCKCHAIN TECHNOLOGY

BUDGETING IN CAPITAL GOODS INDUSTRY

DIGITAL TRANSFORMATION

⑧①

BRSR Lite

SUSTAINABILITY LEAF

⑦⑧

GENDER DIVERSITY IN THE BOARDROOMS

AND FINANCIAL PERFORMANCE OF A FIRM -

A LITERATURE REVIEW

GENDER DIVERSITY

⑧⑧

⑨②

AUGMENTING THE CHANGING LANDSCAPE

OF FINANCE ORGANISATION THROUGH

PRACTICAL INSIGHTS AND METRICS FROM

VALMIKI’S RAMAYANA

INDIAN KNOWLEDGE SYSTEM

⑨⑥

BUDGETING

Cover image source:

https://www.thedigitaltransformationpeople.com/channels/customer-engagement/

5-ways-deliver-outstanding-digital-banking-experience/

www.icmai.in

January 2024 - The Management Accountant

6 The Management Accountant - January 2024

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Banking in India: Emerging Challenges and Preparedness of this sector

t the outset, let

me wish you

all a VERY

HAPPY AND

PROSPEROUS YEAR 2024.

D e s p i t e

n u m e r o u s

achievements, the banking

industry in India faces various

challenges- regulatory changes,

cyber security risks, increasing

competition from new digital

players, fintech disruption,

economic uncertainty and

management of NPA. To

address these challenges banks

collaborated extensively with

fintech companies, leveraging

their technology to offer

innovative services like instant

loans, digital KYC and AI-driven

customer support. Digital

wallets and payment systems,

especially Unified Payments

Interface (UPI), saw a significant

increase in adoption, driven by

the convenience and security it

offered. The RBI’s introduction

of ‘Digital Rupee’ trials marked a

new era in the country’s financial

technology landscape, potentially

revolutionizing how transactions

are conducted.

The Reserve Bank of India has

been playing a crucial role, with a

series of policy rate adjustments

aimed at balancing growth and

inflation. Regulatory changes

introduced this year had a

profound impact on banking

operations.

Looking ahead, the banking

sector is expected to continue

its trajectory of growth and

innovation in 2024.

The articles covered in the

current issue are aimed to equip

readers with facts and issues

on Banking in India: Emerging

Challenges and Preparedness of

this sector.

Here’s a glimpse of the articles

featured in this issue

Concurrent Audit of Credit

Proposals (Credit Risk

Management - CRM) analyses

various guidelines that are to be

adhered to in the “credit process

of loan proposals” The role of

the concurrent auditor is to audit,

whether the Branch is following

the laid instructions / guidelines.

CMAs are playing a very

important role in maintaining the

asset quality of the Bank. CMA’s

Role in Bank Credit Appraisal

and Monitoring Framework

discusses the role of CMAs in

credit appraisal. In this article,

the emphasis is mainly on home

loans and mortgage loans.

Digital Lending refers to the

use of technology and digital

platforms to provide financial

services, particularly loans to

customers. Digital Lending (A

Way Forward) seeks to provide

an overview of RBI regulation

in the ‘Digital Lending Market’

Working capital is the lifeline

of business / manufacturing

organizations. Stock & Book

Debts Audit of Banks (Working

Capital / Cash Credit Loans)

gives a comprehensive analysis

of stock and book debts audit.

Few examples of ‘Cost

Reduction Tools / Strategies’

have been outlined in the article

Control ‘Electricity Costs’ of

Banks (Through ‘Energy as a

Service’ (EaaS) Model)

Digital Rupee in India aims for

an inclusive and efficient financial

system of the country. “e`”

Central Bank Digital Currency

covers different aspects of digital

rupees.

New Era of “Expected Credit

Loss Provisioning in Indian

Banking Sector attempts to

highlight that banks must provide

provisions for ‘expected credit

losses’ from the time of loan

sanctioned or disbursed, not

waiting for the loan to turn into

NPA.

T h e

r e s e a r c h

p a p e r

Sustainability Reporting in

the Banking Sector: Exploring the Trends

and Unraveling the Impact on Financial

Performance focuses on sustainability reporting

adopted by the Indian private sector listed

banks in terms of prominent sustainability

disclosures.

Legal Framework for Grievance Resolution

in Banking Industry in India has discussed

various guidelines issued by RBI to the Banks

for the protection of the customers and the role

of Consumer Commission in compensating

customers in case of deficiency of service.

Merger and Acquisition in Indian Banking:

A Retrospective Analysis focuses on the

financial, operational, and strategic aspects

of merging organisations and examines how

this transformational journey affects financial

inclusion and banking services.

Following the global trend, RBI is going

to introduce expected credit loss based

provisioning system in Indian banks. The

article Understanding Mechanisms of Expected

Credit Loss (ECL) Based Provisioning of Bank

Loan concludes that new ECL regime will

be opening a new vista for practicing CMAs

for which they need to be well prepared

beforehand.

Apart from these, this issue contains articles

on various other contemporary matters.

It is hoped that the articles featured in this

issue will enrich your knowledge to a great

extent. I thank all the contributors for value

addition to this issue

This issue also features an interview

by CMA (Dr.) Ram Jass Yadav,Executive

Director,Punjab & Sind Bank, New Delhi.

I earnestly solicit your constructive

comments and views for further improvements

in the journal through editor@icmai.in.

Once again wishing you all a professionally

rewarding 2024.

From the Editor’s Desk

www.icmai.in

January 2024 - The Management Accountant

DIRECTORATE OF JOURNAL & PUBLICATIONS

Headquartcers

CMA Bhawan, 12 Sudder Street, Kolkata - 700016, Ph: +91-33-2252 1031/34/35

Editorial Office

CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, Ph: +91-33-2454 0086/87

JANUARY

APRIL

FEBRUARY

MARCH

MAY

SEPTEMBER

DECEMBER

AUGUST

OCTOBER

JUNE

NOVEMBER

JULY

Only Central Govt. Gazetted

Holidays*

JANUARY

Republic Day

MARCH

25 Holi

29 Good Friday

APRIL

Id-ul-Fitr

Ram Navami

Mahavir Jayanti

MAY

23 Buddha Purnima

JUNE

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JULY

Muharram

AUGUST

15 Independence Day

26 Janmashtami (Vaishnava)

SEPTEMBER

Milad-un-Nabi or Id-e

-Milad (Birthday of

Prophet Mohammad)

OCTOBER

Mahatma Gandhi's

Birthday

Dussehra

Diwali (Deepavali)

NOVEMBER

15 Guru Nanak's Birthday

DECEMBER

25 Christmas Day

*https://documents.doptcirculars.nic.in/D2

/D02est/Holiday%20to%20be%20observ

ed%20in%20Central%20government%20o

fﬁces%20during%20the%20year%202024

kFtwz.PDF

Motto

Mission

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creating value to stakeholders in the socio-economic context through

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The Journal started

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We have Expanded our

Readership to 94 Countries

ISSN

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Index Copernicus and J-gate

Global Impact and

Quality factor [2015]:0.563

From ignorance, lead me to truth

From darkness, lead me to light

From death, lead me to immortality

Peace, Peace, Peace

Vision

“The Institute of Cost Accountants of India would be the preferred

source of resources and professionals for the financial leadership

of enterprises globally.”

8 The Management Accountant - January 2024

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THE INSTITUTE OF

COST ACCOUNTANTS OF INDIA

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Since 1944

CMA

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The Institute of Cost Accountants of India is a premier professional Institute and a Statutory Body established under an Act of Parliament

under the administrative control of

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Cost and Management Accountancy (CMA) in the country.

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January 2024 - The Management Accountant

PAPERS INVITED

Cover Stories on the topics given below are invited for ‘The Management Accountant’

for the four forthcoming months

The above subtopics are only suggestive and hence the articles may not be limited to them only.

Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph

and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.

Please send your articles by e-mail to editor@icmai.in latest by the 1st week of the previous month.

DIRECTORATE OF JOURNAL & PUBLICATIONS

CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, India

Board: +91 33 2454 0086 / 87 / 0184 Tel-Fax: +91 33 2454 0063

www.icmai.in

Theme

Subtopics

Insolvency and

Bankruptcy Code - its

Journey so far!!!

Global trends in Insolvency and Bankruptcy landscape

Blockades and Success stories of IBC since its inception

The Mediation Act, 2023: A great leap forward in Indian Dispute Resolution

mechanism

Crucial insights into Corporate Insolvency Resolution Process (CIRP)

Stressed Asset Investment

Pre-packaged Resolution Framework for MSMEs

Cross Border Insolvency

Important Case Laws/ Successful Resolutions under IBC

April 2024

Theme

Subtopics

Empowerment of

Women: Shaping

future of India

Bridging the Gaps to Accelerate Investment Climate for Women Entrepreneurs

Embrace Change, Empower Women

Women Empowerment - the key to achieve Socio-Economic growth of India

Role of Women as Social Entrepreneurs

Gender Equity in Education and Workplaces

Government Policies and Enactments to achieve Women Empowerment

DigitALL: To overcome the Digital Gender Divide

Women-led MSMEs: Promoting Robust and Sustainable Growth

Expanding Access to Finance through Fintech and Innovations

Women Torchbearers as Founders and Investors in the Indian Startups space

March 2024

Theme

Subtopics

Valuation in Emerging Markets: Prospects & Challenges for the Valuation Profession

Risk Assessment and Mitigation: Role of Valuation Professionals

Forensic Audit & Valuation

Valuing Start-ups ventures

Future of Valuers in the Banking Industry – Opportunities and Limitations

Valuation of Digital Assets: Perspective and Future Prospects

Governance and Valuation: The Way Forward

Valuation and Management of Currency Risk

Valuation Practices in India v/s across the Globe

Changing Landscape

of Valuation

Ecosystem in India

February 2024

Theme

Subtopics

Social Impact

assessment : An

empowering approach

towards achieving

India’s Social Welfare

Objectives

Reimagining Social Impact assessment to promote Social welfare, Transparency and

Accountability

Social Impact assessment: An approach towards betterment of rural development

programs across Nation

Relevance and Benefits of Social Impact assessment in CSR context

Social Impact assessment: Ensuring greenpath for Sustainable and Inclusive Growth

Social Impact Funds and Social Impact assessment

Social Impact assessment: An effective tool for Corporate Governance

Assessing success of Social Impact assessment concerning MGNREGA and PM

POSHAN schemes

Social Impact assessment: Innovative Practices and Way Forward

Leveraging Social Impact assessment for improving outcomes of Social Projects

Logic Model - A framework for Social Impact assessment

Social Stock Exchange : A game changer for inclusive growth

May 2024

10 The Management Accountant - January 2024

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“Difficulties in your life do not come to destroy you, but

to help you realise your hidden potential and power, let

difficulties know that you too are difficult.”

-- Dr. A. P. J. Abdul Kalam

My Dear Professional Colleague,

t the outset, I take this opportunity to wish

you and your family a prosperous New Year

filled with happiness, accomplishment, and

new opportunities. As we step into 2024,

let us carry forward the lessons learned and build on our

collective achievements. May this New Year bring forth

new opportunities for growth, innovation, and collaboration.

Together, let us strive for even greater heights and make

significant contributions to the field of cost and management

accounting.

I encourage each member to embrace the spirit of

collaboration and knowledge-sharing within CMA fraternity.

Our collective strength lies in our diversity of expertise and

experiences. By working together, we can create a positive

impact not only on our individual careers but also on the

profession as a whole.

Meeting with Dignitaries

CMA M K Anand along with CMA T C A Srinivasa Prasad

and CMA Vinayaranjan P., Council Members, ICMAI had a

meeting with Dr. Bhagwat Kishanrao Karad, Hon’ble Union

Minister of State for Finance at his office in North Block,

New Delhi on 19th December, 2023 and discussed the matters

related to the Institute and CMA profession.

CMA M K Anand Chairman PD & CEP Committee

alongwith CMA Chittaranjan Chattopadhyay Council Member,

ICMAI had a meeting Dr. Subhas Sarkar, Hon’ble Minister

of State for Education on 18th December, 2023.

Launch of ICMAI TV Channel on JioTV Platform

The ICMAI channel is specifically crafted to broadcast both

live and pre-recorded content encompassing various topics

such as education, culture, innovation, skill development

CMA Ashwin G. Dalwadi

President

The Institute of Cost Accountants of India

and startup initiatives, catering to the needs of students and

members alike. Launched on 26th December, 2023, the ICMAI

TV Channel is currently accessible on the JioTV Platform, the

channel serves as an effective medium for communication,

allowing seamless interaction and the dissemination of the

Institute’s objectives related to student matters. Information

pertaining to members will be made available on the channel

at a later date.

Utilizing the JioTV App, which operates on JIO-enabled

networks, Jio SIM users have the opportunity to log in and

stream content for free. By installing the JIO TV app on their

mobile phones, Jio SIM users can use their mobile numbers

to access the ICMAI channel. Once installed, they can easily

locate the channel by searching for ICMAI and gain access

by clicking on the ICMAI logo.

New IT Initiatives

a) Improvements in Members’ Online System

The membership department and information technology

department under the guidance of CMA Avijit Goswami,

Chairman, Members’ Facilities Committee and CMA T.C.A.

Srinivasa Prasad, Chairman, Information Technology

Committee of the Institute respectively, continued to fine tune

the improvement in the members’ online system user friendly

experience to members. During the month of December 2023

such fine tunings in the system will now allow members to -

make online application with payment facility for

obtaining Good Standing Certificate.

make online application for payment of membership

fee at a reduced rate [subject to eligibility conditions

vide CWA Regulation 7(4)].

auto generate membership certification required to

obtain CISI certification.

Further, a new feature under COP menu has been

incorporated regarding the details of Trainees under Practicing

members. This facility is called VIEW THE REGISTERED

TRAINEES. This gives the details of trainees along with

UDIN details for T1 & T5 forms. The details are effective

from 10th December, 2023.

For seamless connect with the Institute, I again call upon

and request all members to login and check the correctness of

their contact details in the members’ online system. Contact

details can be updated or corrected by submission of Form

M-8 online after login to their account or members can also

download the form and send a signed scan copy with all details

filled in to membership@icmai.in.

b) New IT initiative to provide enhanced facilities to

CMA Students

A login feature has been integrated into the Online

Registration Application System, enabling students to access

various services through their accounts [https://eicmai.in/

studentportal/Home].

To utilize this feature, students need to create a login account

by verifying their email address through an OTP sent to their

registered email ID. Once the email ID is verified, it becomes

the user ID and students can set their password during the

account creation process.

PRESIDENT’S COMMUNIQUÉ

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