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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Payment and Small Finance Banks Must Follow Banking Roadmap for Ind AS; Holding Companies Follow Corporate Roadmap Per Rule 4.</h1> The circular from the Ministry of Corporate Affairs addresses the obligation for Payment Banks and Small Finance Banks, which are subsidiaries of corporate entities, to comply with Indian Accounting Standards (Ind AS) and Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015. It clarifies that holding companies must adhere to the corporate sector roadmap for Ind AS implementation, while their banking subsidiaries must follow the banking sector roadmap as prescribed by the Reserve Bank of India. Additionally, these banks must provide Ind AS financial data to their holding companies for consolidation purposes.
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