ICAI Advisory: Preparing for the Proposed Bank Strike Amid Year-End Statutory Compliance Deadlines

Background and Context

The Corporate Laws Committee of the Institute of Chartered Accountants of India (ICAI) released a formal advisory on 25 September 2026, drawing the attention of its members to a proposed nationwide bank strike scheduled from 28 to 30 September 2026. The timing of this proposed industrial action is particularly significant given that several critical statutory and regulatory compliance obligations carry a due date of 30 September 2026.

The advisory does not announce any extension or modification of existing compliance deadlines. Its sole purpose is to alert members and their clients to the potential disruption and to encourage advance preparation so that prescribed timelines can be met without difficulty.

Why the Timing Matters

The last three days of September 2026 are not ordinary working days from a compliance perspective. A significant cluster of statutory obligations is scheduled to conclude on 30 September 2026, including:

  • Completion of statutory audits under applicable provisions of the Companies Act, 2013
  • Completion of tax audits required under the Income Tax Act, 1961
  • Holding of Annual General Meetings (AGMs) for companies whose prescribed AGM deadlines fall on that date

For the completion of each of these obligations, auditors, companies, and their advisors routinely depend on banking-related data. Bank statements, confirmation letters from financial institutions, details of outstanding loans and credit facilities, balance confirmations, and related documents form an integral part of both audit evidence and the financial records presented at AGMs.

If the proposed strike proceeds across all three days — 28, 29 and 30 September 2026 — access to banking institutions during this window will be severely restricted or entirely unavailable. Any assessee or professional who has deferred the collection of such documents to this period may face genuine practical difficulties in meeting applicable deadlines.

What the ICAI Advisory Says

The Corporate Laws Committee has communicated the following guidance to ICAI members through its announcement dated 25 September 2026: