Reserve Bank of India vide its Circular dated 20th February, 2023 notified that state co-operative banks and central co-operative banks have to make disclosures in their financial statements.
Further, in consultation with the National Bank for Agriculture and Rural Development, it has decided that the master direction on financial statements-presentation and disclosures are also applicable to state cooperative banks and central cooperative banks.
This Circular is applicable to Commercial Banks and Primary Urban Co-operative Banks (UCBs), State and Central Cooperative Banks (together referred to as ‘Rural Co-operative Banks’ or ‘RCBs’) unless explicitly specified otherwise, shall come into force with from the financial year ending 31st March, 2023. Certain disclosure requirements specified in Annex III-A of the given circular shall be applicable, to RCBs, from the financial year ending 31st March, 2024.
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