All Scheduled Commercial Banks
(excluding Regional Rural Banks)
Madam / Dear Sir,
Deferral of Implementation of
Indian Accounting Standards (Ind AS)
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.
2. 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.
Chief General Manager-in-Charge