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Final Accounts of Banking Companies Schedule
Prior to 1949, banks were governed by the Indian Companies Act. But to safeguard the interest of the depositors, the Banking Regulation Act was passed in 1949 which regulated banking companies in banking matters.
- Final Accounts which are to be maintained by banking companies are given in the Banking Companies Act,
- Balance Sheet is given in Section 29 Form ‘A’.
- Profit and Loss Account is given in Section 29 Form ‘B’.
The legal provisions are given in Section 6 of the Banking Regulation Act, permits the bank to carry in the following businesses in addition to its banking business:
- Prohibition of Trading (Section 8)
- Non- Banking Assets. (Section 9)
- Management. (Section 10)
- Minimum Capital and Reserves. (Section 11)
- Capital Structure. (Section 12)
- Payment of Commission, Brokerage, etc. (Section 13)
- Reserve Fund/ Statutory Reserve. (Section 17)
- Cash Reserves (Section 18)
- Liquidity Norms. (Section 24)
- Restrictions on Loans and Advances.
- Accounts and Audit
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