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 and modern accounting standards.
Text of the Official Notification is as follows
In terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set out in the Third Schedule of the Banking Regulation Act, 1949. These forms were notified in 1981. Since then, there have been several developments in the financial market as well as accounting standards and practices.
The Reserve Bank has, accordingly, undertaken a comprehensive review of the formats of the financial statements of the co-operative banks and has released draft formats of the revised Forms and their schedules together with instructions for the compilation of the balance sheet and profit and loss account. Click here to download now!
Comments/feedback on the draft formats may be forwarded on or before February 21, 2025, to:
The Chief General Manager-in-ChargeDepartment of Regulation, Central OfficeReserve Bank of India,12th Floor, Central Office BuildingShahid Bhagat Singh Marg, Fort,Mumbai - 400001 or
by email with the subject line "Draft Formats of Financial Statements of Co-Operative Banks".
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