RBI released Draft Formats of Financial Statements of Co-operative Banks

The Reserve Bank of India (RBI) has released draft formats of financial statements aimed at standardizing and improving disclosures in 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”.

For Official Draft Format Download PDF Given Below