Photo: Abhijit Bhatlekar/MintMumbai: Reserve Bank of India (RBI) deputy governor N.S. The report had highlighted that the implementation of IndAS for public sector banks requires an amendment to the Banking Regulation Act. Section 29 of the BR Act deals with the accounts and balance sheets of public sector banks. On 23 June 2017, former RBI deputy governor S.S. Mundra had said migration to IndAS is likely to increase banks’ provisioning requirement by 30%. “The lack of regulatory guidance around IndAS transition timelines in this monetary policy indicates a high probability of delayed implementation.

Source: Mint February 08, 2018 05:26 UTC