The Reserve Bank of India has today placed on its website the report of the Working Group on Consolidated Accounting and Other Quantitative Methods to facilitate Consolidated Supervision. The Working Group was headed by Shri Vipin Malik, Director, Bharatiya Note Mudran Limited, Former Director, Central Board of RBI and a Chartered Accountant. It has requested interested parties to offer their suggestions to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank of India, World Trade Centre-I, Mumbai 400 005 before March 11, 2002.

It may be recalled that the Reserve Bank of India set up a multi disciplinary working group in November 2001 to look into the introduction of consolidated accounting and other quantitative techniques of consolidated supervision and to make recommendations. The working group had detailed deliberations with the representatives of various banks and financial institutions as also with the officials of the Reserve Bank of India dealing with regulatory and supervisory aspects to ascertain the existing methodology, the supervisory concerns and the future requirement.

It submitted the report in December 2001. The report was placed before the Board for Financial Supervision at its meeting held on January 29, 2002 and it was decided to consider the views of interested parties while implementing the recommendations. The recommendations of the Working Group together with brief background and illustrative formats for submitting consolidated financial statements are accordingly placed on the website.