The Hindu : RBI asks banks to disclose consolidated financial statements

Online edition of India's National Newspaper
Wednesday, Feb 26, 2003

Business

Business

RBI asks banks to disclose consolidated financial statements

MUMBAI FEB. 25. The Reserve Bank of India has asked all banks under the purview of its supervision to prepare and disclose consolidated financial statements (CFS) from the fiscal commencing April 2002, in addition to solo financial statements. A parent bank presenting CFS should consolidate all subsidiaries domestic and foreign except those specifically permitted to be excluded, the RBI said in its revised guidelines for consolidated accounting released here today. The CFS should normally include consolidated balance sheet, profit and loss statement, principal accounting policies, notes of accounts among other things, it added.

In addition to CFS, these banks should also prepare consolidated prudential reports (CPR). These would be initially introduced on half yearly basis from March 31, 2003 as part of off-site reporting system, the RBI said adding the frequency of reporting would be subsequently reviewed and might be increased. The CPR for the half-year ended March had to be submitted by June-end, the central bank said.

PTI

Printer friendly page
Send this article to Friends by E-Mail

Business