The Reserve Bank of India (RBI) has released draft formats for the financial statements of co-operative banks, updating the balance sheet and profit and loss account forms mandated under Section 29 of the Banking Regulation Act, 1949. Originally notified in 1981, these forms have been revised to align with modern financial developments, accounting standards, and practices. The new draft formats include updated schedules and instructions for compiling financial statements. Stakeholders are invited to provide comments or feedback on these draft formats by February 21, 2025. Submissions can be sent to the Chief General Manager-in-Charge, Department of Regulation, RBI, Mumbai, via mail or email with the subject “Draft Formats of Financial Statements of Co-Operative Banks.”
Reserve Bank of India
Date : Jan 07, 2025
RBI releases Draft Formats of Financial Statements of Co-operative Banks
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.
Comments/feedback on the draft formats may be forwarded on or before February 21, 2025, to:
The Chief General Manager-in-Charge
Department of Regulation, Central Office
Reserve Bank of India,
12th Floor, Central Office Building
Shahid Bhagat Singh Marg, Fort,
Mumbai – 400001
or
by email with the subject line “Draft Formats of Financial Statements of Co-Operative Banks”.
(Puneet Pancholy)
Chief General Manager
Press Release: 2024-2025/1869
