RBI releases draft formats of financial statements of co-operative banks
This story was originally published at 16:43 IST on 7 January 2025
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--RBI releases draft formats of financial statements of co-operative banks
--RBI: Comments on draft format for co-op banks' fincl statements by Feb 21
MUMBAI – The Reserve Bank of India has proposed draft formats for the financial statements of co-operative banks, it said in a release Tuesday. The formats were notified in 1981, and since then several changes have been made in the financial markets and accounting standards and practices due to which these changes have been proposed, the release said.
The financial statements of co-operative banks must disclose all 'material' items, which are those items that could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements. Banks will also have to provide notes to account which will have additional information that is presented in the financial statements.
The central bank has sought comments and feedback on the draft formats on or before Feb. 21. End
Reported by Kshipra Petkar
Edited by Rajeev Pai
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