A letter dated 26th May, 2014 has been sent to Shri Rajesh Verma, Chief General Manager-In-Charge, DBOD, Reserve Bank of India with a copy to Shri P. R. Ravi Mohan, Chief General Manager-In-Charge, Reserve Bank of India regarding Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks with reference to RBI letter no. DBS.ARS.No. 3058/08091.009/2011-12 dated 26th August, 2011 requesting again to instruct the concerned departments to issue necessary clarification to the banks saying that the words ‘internal audit’ used in the guidelines would include only internal inspection to be carried out by the banks own team and would not include internal audit, risk based internal audit, concurrent audit, revenue audit etc.