Transfer to statutory reserves

sanjana (student) (36 Points)

01 April 2015  

a small  doubt plz clear it asap...how much statutory reserve is to be maintained in case of banking company if question is silent 20% or 25% ?

I read as per banking regulation act,sec.17 it is 20% but i have seen solutions where 25% of profit before appropriations is transferred.please guide me in this regard.asap.