Cooperative Banks Must Present all Unclaimed Liabilities in Financials Under “Contingent Liabilities – Others” | RBI
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Circular No. RBI/2023-24/71 DOR.ACC.47/21.04.018/2023-24, Dated: 25.10.2023
Earlier, the RBI vide master directions, 2021 required commercial banks to present all unclaimed liabilities in their financial statements under ‘Schedule 12- Contingent Liabilities’, where the amount due had been transferred to the Depositor Education and Awareness (DEA) Fund. Now, the RBI has advised all co-operative banks to present all unclaimed liabilities under “Contingent Liabilities – Others”. This aims to ensure consistency in the presentation of financial statements.
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