Banking
This query is : Resolved
28 September 2011
statutory reserve is to be provided at 20% or 25%?
some people have stated it to be provided at 20% before 2007 and 25% after 2007?
while some have stated that it is to be provided at 20% for non-scheduled banks and 25% for scheduled?
please help me
some people have stated it to be provided at 20% before 2007 and 25% after 2007?
while some have stated that it is to be provided at 20% for non-scheduled banks and 25% for scheduled?
please help me
CA Sumat Singhal
(Expert)
29 September 2011
Sec 17 of Banking regulations Act requires transfer of 20% of profits before declaring dividend. however RBI has stipulated transfer of not less than 25% Of net profits before appropriations(after adjustments/Provisions for bonus to staff).
Kindly let me know whether this solution has solved your query.
Regards,
CS Sumat Singhal
Kindly let me know whether this solution has solved your query.
Regards,
CS Sumat Singhal
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