The Reserve Bank of India (RBI) has released draft formats for the revised financial statements of co-operative banks, aiming to align with the evolving financial landscape and updated accounting standards.
This initiative follows a comprehensive review of the existing formats, which were first notified in 1981 under Section 29, read with Section 56, of the Banking Regulation Act, 1949.
As per the Act, co-operative banks are required to prepare their balance sheet and profit and loss account as of the last working day of the financial year, using the forms outlined in the Third Schedule. However, significant changes in financial markets and accounting practices have necessitated these revisions.
The draft formats, along with detailed schedules and instructions for compiling the balance sheet and profit and loss account, have been shared by the RBI. Stakeholders, including co-operative banks, auditors, and industry experts, are encouraged to review the proposed changes and provide their comments or feedback.
According to an RBI press release, the feedback must be submitted on or before February 21, 2025, either by post or email. Written submissions should be addressed 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.
Alternatively, feedback can be emailed with the subject line “Draft Formats of Financial Statements of Co-Operative Banks.”
Links to the draft formats, revised forms, and their schedules, along with instructions for compiling the balance sheet and profit and loss account, are provided below:
https://rbidocs.rbi.org.in/rdocs/content/pdfs/RevisedForms07012025.pdf
https://rbidocs.rbi.org.in/rdocs/content/pdfs/Schedules07012025.pdf
https://rbidocs.rbi.org.in/rdocs/content/pdfs/Instructions07012025.pdf
