28 September 2011
statutory reserve is to be provided at 20% or 25%? some people have stated it to be provided at 20% before 2007 and 25% after 2007? while some have stated that it is to be provided at 20% for non-scheduled banks and 25% for scheduled? please help me
29 September 2011
Sec 17 of Banking regulations Act requires transfer of 20% of profits before declaring dividend. however RBI has stipulated transfer of not less than 25% Of net profits before appropriations(after adjustments/Provisions for bonus to staff). Kindly let me know whether this solution has solved your query. Regards, CS Sumat Singhal
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