Account Books of Banks
Reserve Bank of India (RBI) has informed that no specific guideline directing public sector banks to keep their account books correct during the current financial year were issued by them. Further, RBI has informed that in terms of the provisions of Section 29(1) of the Banking Regulation Act, 1949, banks are required to prepare a balance sheet and profit and loss account as per the Forms set out in the Third Schedule. A circular dated February 6, 1992 (as amended from time to time) inter alia provides the guidance for compilation of the balance sheet and profit and loss account.
This information stated in the Lok Sabha on 7.4.2017 by the Minister of Finance.