NABARD notifies on Reconciliation of Pending Entries in Regional Rural Banks

Nov 25, 2021 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance

The National Bank for Agriculture and Rural Development (NABARD) on November 4, 2021 has issued a circular regarding the Reconciliation of Pending Entries in Regional Rural Banks

NABARD advised banks to  initiate urgent and definite steps to reconcile all outstanding entries pending for more than 6 months. Further, the amounts to the credit of any account which has not been operated upon for ten years or any deposits or any amount remaining unclaimed for ten years or more may be credited to the DEA Fund strictly in line with RBI’s Circular dated 21 March 2014.

During the conduct of Statutory Inspection of banks, NABARD will charge long pending unreconciled entries to the bank’s capital while assessing its financial position, that is REV/ Net-worth of the bank by treating such items as unrealizable assets/ erosion.

 


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