(a) whether Reserve Bank of India has issued dii`ections to banks to ensure full compliance of the accounting standards issued by Institute of Chartered Accountants of India; and
(b) if so, the details of such norms ?
(a) whether Reserve Bank of India has issued dii`ections to banks to ensure full compliance of the accounting standards issued by Institute of Chartered Accountants of India; and
(b) if so, the details of such norms ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S, S. PALAMMANICKAM)
(a)&(b): Yes, Sir. Reserve Bank of India lias recently issued guidelines to all scheduled commercial banks to ensure compliance with Accounting Standards prescribed by Instiitute of Chartered Accountant. The detailed guidelines dated 25th February, 2003, 29th March 2003 and 30th April, 2003 are available on RBI website www.rbiorg.in.