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03 May 2014
what is statutory reserve as per sec.17 of the Banking Regulation act 1949???
03 May 2014
in simple language, this is reserve account a banking company is required to maintain mandatorily and ensure that a % of profits as prescribed in section 17 is transferred to this account every year.
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04 May 2014
The concept behind such provision is to maintain LIQUIDITY and to nullify the effect of NON PERFORMING ASSETS.
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