The leading cooperative bank of India Saraswat Bank is ready for adopting international accounting norms according to the Chairman Shri Eknath Thakur.
Talking to Indiancooperative.com Shri Thakur said that” IFRS is no problem and in fact we are working on it in phases. We could adopt it when times come for it.
ICAI, Institute of Chartered Account of India is already working on it. The concept would be developed in phases and it would help us take on the global challenges informed Shri Thakur to the cooperative news portal.
Readers could recall that Reserve Bank of India has asked the urban cooperative banks that they should adopt new international accounting norms IFRS latest by 2014.
The RBI has said that all banks and NBFCS have to improve their skills and use knowledge and technological possibilities to move to the new financial norms so that they could measure up to the challenges of international standards.
Even small size urban cooperative banks and financial companies are supposed to adopt international financial norms.
Many other cooperative banks sounded unaware of this development. Talking to Indiancooperative.com some of them said that they are still studying the matter.
Abhyudaya Bank Chairman Shri Sitaram Ghandat said that a team of bank officials are studying the matter to arrive at a conclusion.
Other smaller banks displayed ignorance about the RBI circular.
