Banking

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manjiri (Querist)
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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

CA Sumat Singhal

CA Sumat Singhal (Expert)
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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

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