📝 One-liners · 66 cards
Returns, inspection, acquisition, winding up
Under which section of the Banking Regulation Act, 1949, are banks required to submit returns to RBI?
Banks are required to submit various returns to RBI under Sections 27, 29, and 31 of the Banking Regulation Act, 1949, covering balance sheets, profit & loss accounts, and periodic statistical returns.
Which section of the Banking Regulation Act mandates banks to submit monthly returns to RBI?
Section 27 requires monthly returns on liquid assets.
What is the periodicity of the basic statutory return that every banking company must submit to RBI under Section 27?
Under Section 27, every banking company must submit a return of assets and liabilities in India as at the close of business on the last Friday of every quarter (or the preceding working day if Friday is a holiday).
What information must be included in the return submitted by banks under Section 27 of the Banking Regulation Act?
Assets, liabilities, and liquid assets held during the month.
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