Second, the economy has shown considerable resilience during the recent years, as evidenced by the avoidance of adverse contagion impact of several shocks in the EMEs and the ability to cope with oil price increases.
Some time ago, a Working Group was constituted by the RBI, chaired by Shri N.D.Gupta, a former President of the ICAI, to identify banks’ compliance with Indian Accounting Standards and recommended steps to eliminate or reduce any deviations from them. Based on the recommendations of the Group, guidelines were issued in March 2003 on certain accounting standards.