Some of these disclosures mandated by the RBI are as follows: disclosures on the composition of regulatory capital so that stakeholders understand the quality of capital; details of the quality of advances with provisions held thereon, along with movement in nonperforming assets (NPAs); details of pending complaints, the major grounds for complaints and their disposal.
(ii) In September 2020, RBI had revised the format for Long Form Audit Report (LFAR) to increase its utility value by enhancing the coverage of the prudential supervisory requirements stated in the Basel Committee on Banking Supervision (BCBS) document on “External Audits of Banks”.