ICAI tells members to complete statutory compliance before nationwide bank strike

India's premier body of accounting professionals has instructed its members to complete statutory compliances well ahead of the proposed nationwide bank strike from September 28 to 30, warning that the strike coincides with key regulatory deadlines falling at the month-end.

In an advisory issued Thursday, the Institute of Chartered Accountants of India (ICAI) said the strike days clash with important statutory and regulatory compliance timelines, including the completion of statutory and tax audits and the holding of Annual General Meetings (AGMs) for companies whose due dates fall on September 30.

The institute's Corporate Laws Committee asks members to plan their assignments in advance and obtain all necessary bank-related information, documents and confirmations before the strike begins. Members have also been asked to advise their clients to arrange and provide the requisite banking information and documents at the earliest, "to avoid last-minute difficulties and ensure timely completion of the applicable compliances."


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Bank employee unions have called the three-day strike, during which branch operations across public sector banks are expected to remain disrupted. The month-end period is among the busiest for corporate filings, with auditors racing to close statutory audits and companies completing their AGM formalities ahead of the September 30 deadline.