The Reserve Bank has officially informed 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.
The Corporate Affairs Ministry has also unequivocally indicated that all commercial scheduled banks will have to adopt the International Financial Reporting Standards at the earliest opportunity.
