RBI recently deferred implementation of IndAS for Banking Companies

Official Notification goes as under:

Please refer to paragraph 3 of the Statement on Developmental and Regulatory Policies issued with the First Bi-monthly Monetary Policy 2018-19 on April 5, 2018, wherein the implementation of Ind AS was deferred by one year pending necessary legislative amendments to the Banking Regulation Act, 1949 as also the level of preparedness of many banks. 

The legislative amendments recommended by the Reserve Bank are under consideration of the Government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice. 

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