IND-AS Roadmap For Banks, NBFCs & Insurance

In pursuance to the budget announcement by the Union Finance Minister, after consultation with the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA), the Ministry of Corporate Affairs (MCA) issued a press release on 18 January 2016, announcing the Ind-AS roadmap for scheduled commercial banks (excluding regional rural banks [RRBs]), insurers/ insurance companies and non-banking financial companies (NBFCs). Draft notifications/rules will be issued, as required, by MCA, RBI and IRDA in due course. These are welcome developments and all regulators are actively engaged in pushing forward the Ind-AS agenda. This has provided much-needed clarity and direction to entities in the financial services and insurance sector .

Read More