Page 40 - Banking Finance December 2016

ARTICLE

(b) Non-Banking Financial Companies(NBFCs) of aforesaid financial companies shall be required
NBFCs would be required to maintain IND AS based fi- to prepare financial statements based on IND AS
nancial statements in two phases: for accounting periods beginning from April 1, 2019
(i) Under phase I, NBFCs having net worth of Rs. onwards with comparatives for the periods ending
500crore or more and the holding, subsidiary, joint March 31, 2019 and thereafter.
venture and associate companies of them shall also (iii) NBFCs having net worth below Rs. 250crores and
be required to prepare financial statements based
not covered under provisions (b)(i)&(ii) shall con-
on IND AS for accounting periods beginning from
tinue to apply Accounting Standards specified in
April 1, 2018 onwards with comparatives for the
Annexure to Companies Rules(Accounting Stan-
periods ending March 31, 2018 and thereafter.
dards), 2006
(ii) Under phase II, NBFCs whose Equity and/or debt
(c) IND AS would be applicable to both Consolidated and
securities are listed or are in the process of listing
Individual financial statements.
on any stock exchange in India or outside India and
having net worth of less than Rs. 500crore, and (d) Scheduled Commercial Banks(excluding RRBs)/ NBFCs/
NBFCs other than above mentioned that are un- Insurers/ Insurance Companies shall apply Indian Ac-
listed companies having net worth of Rs. 250crores counting Standards converged with IFRS(IND AS) only
or more but less than Rs. 500crores, the holding, if they meet special criteria, they shall not be allowed
subsidiary, joint venture and associate companies to voluntarily adoption of IND AS.

United Bank of India launches its 3rd Mobile ATM Service

United Bank of India, a leading Public Sector Bank headquartered in Kolkata, West Bengal, has rolled out Mobile ATMs
to provide relief to the public in the wake
of demonetisation of old Rs.500 and Rs.
1000 notes. People can withdraw cash up
to the limit of Rs 2500 from mobile ATM.
The 2nd Mobile ATM Service in Kolkata
was flagged off by Hon'ble Executive Direc-
tor of the Bank Shri K.V. Ramamoorthy in
the presence of senior executives of the
Bank and the general public at City Centre
l, Salt Lake City.
Speaking on the occasion, Shri K.V. Rama
Moorthy said, “We have launched three
Mobile ATM Service, of which two are in
Kolkata and one in Delhi. The response
from the people has been encouraging and
the Bank plans to launch more mobile ATMs in future to alleviate the hardship faced by the public, especially in rural
areas where people have limited access to Banks.”

He further added that the Bank is constantly working towards maximizing customer convenience and Bank's ATMs are
being monitored constantly to ensure smooth service.

The Mobile ATMs in Kolkata are being placed at busy market places, hospitals and in areas where ATM service is not
available for the convenience of the people. There has also been an increase in cashless transactions through Bank's
digital platform like United UPI, United Wallet, Mobile Banking, Internet Banking etc.

40 | 2016 | DECEMBER | BANKING FINANCE

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