ICAI Publishes Draft Bank Branch Auditors' Panel (MEF) 2025-26 for Member Review
The Institute of Chartered Accountants of India (ICAI), acting through its Professional Development Committee, has officially unveiled the Draft Bank Branch Auditors' Panel, commonly referred to as the MEF Panel, for the financial year 2025–26. This significant announcement was made on 23rd January 2026, marking an important milestone in the annual process of empaneling auditors for bank branch audit assignments across India.
Background and Regulatory Framework
The preparation of this draft panel has been undertaken in strict compliance with the guidelines and norms issued by the Reserve Bank of India (RBI) on 6th March 2023. These regulatory norms establish the framework and criteria for the selection and categorization of Chartered Accountants and their firms who are eligible to conduct bank branch audits across various banking institutions in the country.
The draft panel reflects a comprehensive evaluation process that considers multiple parameters including professional experience, firm size, geographical location, and technical competence of the applicants.
Accessing the Draft Panel Information
Portal Availability
The complete draft panel has been made accessible to all interested members and firms through the dedicated MEF portal at www.meficai.org. This online platform serves as the central repository for all information related to the bank branch auditors' empanelment process.
Information Available for Applicants
Applicants who have submitted their applications for inclusion in the Bank Branch Auditors' Panel can now access comprehensive information about their application status by logging into the MEF portal. The system allows applicants to retrieve their details using either their MEF Number or their FRN (Firm Registration Number) / MRN (Membership Registration Number) in case of individual practitioners.
Upon successful login, applicants can view the following critical information:
- MEF Number: The unique identification number assigned to each applicant in the MEF system
- FRN Number: The Firm Registration Number or Membership Registration Number as applicable
- Applicant Name: The name of the Chartered Accountant or firm as registered
- Unique Code Number: A distinct code assigned for tracking purposes
- Category Assignment: The category in which the applicant has been placed based on the evaluation criteria
- District Allocation: The geographical district assigned for audit purposes
- Ineligibility Reasons: Detailed explanation wherever an applicant has been found ineligible for empanelment
Transparency in Category Allocation
Understanding Category Changes
One of the notable features of this draft panel is the enhanced transparency regarding category assignments. The Institute has ensured that applicants who have experienced a change in their category from previous years or from their expected category can access detailed reasoning behind such modifications.
This transparency initiative aims to provide clarity to members and firms, enabling them to understand the evaluation process and the factors that influenced their categorization. The reasoning is embedded within the draft panel itself, making it easily accessible to all concerned applicants.
Importance of Category Assignment
The category assigned to a Chartered Accountant or firm determines several critical factors including: