Banking companies are required to prepare their Profit and Loss Account according to Form B in the Third Schedule. Form B is in a summary form and the details of various items are given in the Schedules. Form B is given below:
In this article we will discuss about the management of a banking company in India. A banking company must have a whole-time chairman appointed for five years at a time. He may become a director of a subsidiary of the banking company or of a guarantee company registered under Section 25 of the Companies Act but cannot take up any [...]
Section 11 lays down the following minimum limit of paid up capital and reserves: (a) Banking Companies Incorporated Outside India: If it has a place of business in Mumbai or Kolkata or both ............... Rs. 20 lakhs If it does not have a place of business in Mumbai or Kolkata ............... Rs. 15 lakhs Further, every year 20% of the [...]