Disclosure in Balance Sheet – Bancassurance Business
RBI/2009-10/283
DBOD.No.FSD.BC. 67 /24.01.001/2009-10
January 7, 2010
All Scheduled Commercial Banks (excluding RRBs)
Dear Sir
Disclosure in Balance Sheet – Bancassurance Business
In order to increase transparency in the financial statements of banks, Reserve Bank of India has from time to time issued circulars to banks requiring disclosures in the ‘Notes to Accounts’ to their Balance Sheet. These instructions were consolidated in the Master Circular No.DBOD.BP.BC.NO.22/21.04.018/2009-10 dated July 1, 2009.
2. As a further step in enhancing transparency, it has been decided that banks should disclose in the ‘Notes to Accounts’, from the year ending March 31, 2010, the details of fees/remuneration received in respect of the bancassurance business undertaken by them.
Yours faithfully
(P.Vijaya Bhaskar)
Chief General Manager-in-Charge
CAclubindia
abhinav
Published in Community & General