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  • Banking Note My

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    Krishnan Sri
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    The document outlines the requirements and functions for accounts and audits of banks in India. Banks must submit annual balance sheets and profit/loss statements to the Reserve Bank of India within 3 months and publish the accounts within 6 months. Auditors must be approved by the RBI and can be removed only with RBI approval. Core banking functions include accepting deposits that are repayable on demand, granting loans and advances, dealing in securities, opening letters of credit, issuing guarantees, foreign exchange, and money transfers.

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    ACCOUNTING BRANCHES IN BANKS

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    The document outlines the requirements and functions for accounts and audits of banks in India. Banks must submit annual balance sheets and profit/loss statements to the Reserve Bank of India within 3 months and publish the accounts within 6 months. Auditors must be approved by the RBI and can be removed only with RBI approval. Core banking functions include accepting deposits that are repayable on demand, granting loans and advances, dealing in securities, opening letters of credit, issuing guarantees, foreign exchange, and money transfers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as RTF, PDF, TXT or read online from Scribd
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    0 views2 pages

    Banking Note My

    Uploaded by

    Krishnan Sri
    The document outlines the requirements and functions for accounts and audits of banks in India. Banks must submit annual balance sheets and profit/loss statements to the Reserve Bank of India within 3 months and publish the accounts within 6 months. Auditors must be approved by the RBI and can be removed only with RBI approval. Core banking functions include accepting deposits that are repayable on demand, granting loans and advances, dealing in securities, opening letters of credit, issuing guarantees, foreign exchange, and money transfers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as RTF, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Requirements Accounts & Audit

    Third Schedule annexed to BRA Form A- Balance sheet Form B- Profit & Loss Account Audit Submission of accountsRBI- within 3 months Publication of accountswithin 6 months Auditor-prior approval of RBI for appointment/removal

    Accepting of deposits of money from the public For the purpose of lending or investment and the deposits are repayable on demand or otherwise by cheque, draft, order

    etc. Functions of Banking :


    Accepting money on deposits and providing facilities to depositors for payment by cheque Granting of loans and advances (cash credits, overdrafts, term loans, etc. ) Dealing in securities on its own account or on behalf of its customers Opening of letter of credit Issuing guarantees Dealing in foreign exchanges Money transfers Acting as trustees and executors Merchant banking

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