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FINAL ACCOUNTS OF BANKING COMPANIES
What is the primary legislation governing the preparation of final accounts of banking companies in India?
The Banking Regulation Act, 1949 governs the preparation of final accounts of banking companies in India, along with the Companies Act, 2013 and RBI guidelines.
Under which Act are banking companies required to prepare their final accounts?
Banking Regulation Act, 1949 governs final accounts.
Which schedule prescribes the format for the Balance Sheet of a banking company?
The Third Schedule to the Banking Regulation Act, 1949 prescribes the format for the Balance Sheet, while the Fourth Schedule prescribes the format for the Profit and Loss Account.
What is the frequency at which banks must publish their Balance Sheet?
Banks must publish Balance Sheet annually every financial year.
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