As per the provision of Section 29 of the Banking Regulation Act, 1949 every banking company is required to prepare its final accounts; viz., Profit & Loss account and Balance Sheet in the firms prescribed in
A. the second schedule to the RBI Act, 1934
B. the third schedule to the banking regulation act, 1949
As per guidelines issued by RBI on 3rd January, 2001
A. the minimum paid up capital requirement of a newly set up private sector bank should be at least Rs. 200 crore and the same should be raised to Rs. 300 crore within three years of commencement of business.
B. minimum capital adequacy ratio should be at 10 percent on continuous basis from the commencement of business.