Final Accounts of Banking Companies Schedule PDF

Final Accounts of Banking Companies Schedule - Summary

Understanding the Final Accounts of banking companies is essential for grasping how banks operate within India’s financial system. Before 1949, banks followed the Indian Companies Act, but to protect depositors, the Banking Regulation Act was introduced in 1949 to oversee banking companies in matters related to banking.

Key Components of Final Accounts

• The Final Accounts that banking companies must maintain are outlined in the Banking Companies Act, 1949.
• The Balance Sheet format is specified in Section 29, Form ‘A’.
• The Profit and Loss Account format is specified in Section 29, Form ‘B’.

Legal Framework for Banking Operations

The legal provisions found in Section 6 of the Banking Regulation Act allow banks to conduct the following activities alongside their core banking functions:

1. Prohibition of Trading (Section 8)
2. Non-Banking Assets (Section 9)
3. Management (Section 10)
4. Minimum Capital and Reserves (Section 11)
5. Capital Structure (Section 12)
6. Payment of Commission, Brokerage, etc. (Section 13)
7. Reserve Fund/Statutory Reserve (Section 17)
8. Cash Reserves (Section 18)
9. Liquidity Norms (Section 24)
10. Restrictions on Loans and Advances
11. Accounts and Audit

For more information, you can easily download the Final Accounts of Banking Companies Schedule in a PDF format using the link provided below. This will provide you with a comprehensive overview of the topic!

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