Financial Daily from THE HINDU group of publications
Wednesday, Dec 18, 2002
Financial Daily from THE HINDU group of publications Wednesday, Dec 18, 2002 |
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Accounting Standards Money & Banking - Public Sector Banks SBI, BoI going in for US GAAP Poornima Mohandas
MUMBAI, Dec 17 STATE Bank of India (SBI) and Bank of India (BoI) are going in for US GAAP. This is viewed as a prelude to listing by the banks in a US exchange. SBI has already appointed global consultancy firm PricewaterhouseCoopers (PwC) to advise the bank to make its balance sheets US GAAP (Generally acceptable accounting principles) compliant. BoI is understood to have sought the service of a former auditor to help the bank go in for the new accounting standards, said a senior official. According to sources, banks may eventually go in for an issue of American Depository Receipts (ADRs) or even a possible listing on the Nasdaq. However, this is possible only after amendments to the Bank Nationalisation Act and the SBI Act. SBI already has a GDR issue, which forms 8 to 9 per cent of its equity. Foreign equity in the bank is currently allowed only up to 20 per cent.
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