Final Accounts of Banking Companies
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Accounting and Financial Management for Bankers — JAIIB.
One-liners from this chapter
Free sample — 8 of 68 rapid-fire Q&A cards.
What is the definition of 'Banking' under Section 5 of the Banking Regulation Act, 1949?
Accepting deposits from public for lending/investment, repayable on demand or otherwise, withdrawable by cheque/draft/order.
Name three categories of banks constituted in India.
Body corporate under special Act (SBI, RRBs), company under Companies Act 1956/2013, co-operative society.
Which schedule of the Banking Regulation Act prescribes balance sheet and P&L formats for banking companies?
Third Schedule: Form A (Balance Sheet) and Form B (Profit & Loss Account).
How many directors must sign financial statements of an Indian-incorporated banking company?
At least three directors (or all if total number is three or less), plus manager/principal officer.
What is the timeline for submitting accounts to RBI under Section 31?
Three copies within three months from end of accounting period; RBI may extend by another three months (max six months).
When must foreign banks display their audited balance sheet and P&L in India?
Not later than first Monday in August of any year they carry on business in India.
What accounting system do banks follow?
Mercantile (accrual) system of accounting.
Define 'Bankers' Books' under Section 2(3) of the Bankers' Books Evidence Act.
Ledgers, day book, cash books, account books and all books used in ordinary business of bank.
MCQ practice tests
Chapter-wise mock tests with instant scoring.
PDF study notes
More chapters in Module B - Financial Statements and Core Banking Systems
Master the full AFM syllabus
Every chapter of Accounting and Financial Management for Bankers — videos, tests, notes and one-liner decks in one place.