RBI/2009-10/283
DBOD.No.FSD.BC. 67 /24.01.001/2009-10
January 7, 2010
All Scheduled Commercial Banks (excluding RRBs)
Dear Sir
Disclosure in Balance Sheet – Bancassurance Business
In order to increase transparency in the financial statements of banks, Reserve
Bank of India has from time to time issued circulars to banks requiring
disclosures in the ‘Notes to Accounts’ to their Balance Sheet. These
instructions were consolidated in the Master Circular
No.DBOD.BP.BC.NO.22/21.04.018/2009-10 dated July 1, 2009.
- As a further step in enhancing transparency, it has been decided that banks
should disclose in the ‘Notes to Accounts’, from the year ending March 31, 2010,
the details of fees/remuneration received in respect of the bancassurance
business undertaken by them.
Yours faithfully
(P.Vijaya Bhaskar)
Chief General Manager-in-Charge