The Supreme Court today overruled a 2008 decision by the National Consumer Disputes Redressal Commission (NCDRC) that capped the interest rate banks could charge on late credit card bill payments at 30% per annum, bringing relief to banks. The National Consumer Court had in 2008 restrained banks from charging interest rates over 30% per annum…
The Bank’s financial statements are prepared under the historical cost convention, on the accrual basis of accounting on a going concern basis, unless otherwise stated, and conform in all material aspects to Generally Accepted Accounting Principles (GAAP) in India, which comprise applicable statutory provisions, regulatory norms/guidelines prescribed by the Reserve Bank of India (RBI), Banking…
The term “accounting treatment” represents the prescribed manner or method in which an accountant records and presents a specific business transaction or event in the establishment’s financial statements. The accounting policies of Banks require banks to disclose the key areas of operations in one place (under Schedule 17) along with notes to accounts in their…