The Reserve Bank of India (RBI) on October 25, 2023, issued the notification regarding the Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021: Presentation of unclaimed liabilities transferred to Depositor Education and Awareness (DEA) Fund.
The following has been stated namely: -
• All co-operative banks are advised to present all unclaimed liabilities (where the amount due has been transferred to DEA Fund) under “Contingent Liabilities – Others”.
• All banks shall specify in the disclosures in the notes to accounts to the financial statements that balances of the amount transferred to DEA Fund are included under 'Schedule 12 - Contingent Liabilities - Other items for which the bank is contingently liable' or 'Contingent Liabilities - Others,' as the case may be.
• These instructions are applicable to all commercial and cooperative banks for the preparation of financial statements for the financial year ending March 31, 2024, and onwards.
The Updated Master direction on Financial Statements - Presentation and Disclosures has been issued on the website.
[Notification No. RBI/2023-24/71]
