Quick Summary
The Reserve Bank of India (RBI) has initiated a significant update to the financial reporting formats for co-operative banks under Section 29, read with Section 56 of the Banking Regulation Act, 1949. Co-operative banks are mandated to prepare a balance sheet and profit and loss account as on the last working day of the year using the forms specified in the Third Schedule of the Act. These forms, originally notified in 1981, are now being revised to align with the evolving financial landscape an
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FAQ :
The RBI has released draft formats for the financial statements, specifically the balance sheet and profit and loss account, for co-operative banks.
The formats are being updated to align with evolving financial markets and modern accounting standards, as the previous ones were notified in 1981.
The requirements are based on Section 29, read with Section 56 of the Banking Regulation Act, 1949.
Feedback can be submitted by post to the Department of Regulation, Central Office, RBI, Mumbai, or by email with the subject line 'Draft Formats of Financial Statements of Co-Operative Banks'.
The deadline for submitting comments and feedback on the draft formats is February 21, 2025.
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