RBI released Draft Formats of Financial

Jan 07, 2025 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance The Reserve Bank of India (RBI) on January 07, 2025, released Draft Formats of Financial Statements of Co-operative Banks.

In line with Sections 29 and 56 of the Banking Regulation Act, of 1949, cooperative banks must prepare financial statements in specified formats. Given changes in financial markets and accounting practices since their introduction in 1981, the Reserve Bank has released draft revised formats for balance sheets and profit and loss accounts. Stakeholders can submit comments or feedback on these draft formats by February 21, 2025.

[Notification No. 2024-2025/1869]

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