Reserve Bank Of India [RBI] — Centurion bank of punjab

Address:

New Delhi, Delhi, 110033

8.3 Action to be taken by banks / Auditors

8.3.1 In view of the above banks are advised to adopt the following while ensuring compliance with the Accounting Standards

Related Parties: To begin with, related parties for a bank are its parent, subsidiary(ies), associates/ joint ventures, Key Management Personnel (KMP) and relatives of KMP. KMP are the whole time directors for an Indian bank and the chief executive officer for a foreign bank having branches in India. Relatives of KMP would be on the lines indicated in Section 45 S of the R.B.I. Act, 1934.
Disclosure format: The illustrative disclosure format recommended by the ICAI as a part of General Clarification (GC) 2/2002 has been suitably modified to suit banks. The illustrative format of disclosure by banks for the AS is furnished in Attachment 2.
Nature of disclosure: The name and nature of related party relationship should be disclosed, irrespective of whether there have been transactions, where control exists within the meaning of the Standard. Control would normally exist in case of parent-subsidiary relationship. The disclosures may be limited to aggregate for each of the above related party categories and as indicated in Attachment 2, these would pertain to the year-end position as also the maximum position during the year.
Position of nationalised banks: The Accounting Standards is applicable to all nationalised banks. Paragraph 9 of the Accounting Standards exempts state controlled enterprises i.e., nationalised banks from making any disclosures pertaining to their transactions with other related parties which are also state controlled enterprises. Thus nationalised banks need not disclose their transactions with the subsidiaries as well as the RRBs sponsored by them. However, they will be required to disclose their transactions with other related parties.
Secrecy provisions: If in any of the above category of related parties there is only one related party entity, any disclosure would tantamount to infringement of the bank secrecy clause. In terms of para 5 of Accounting Standards 18, the disclosure requirements do not apply in circumstances when providing such disclosures would conflict with the reporting enterprise’s duties of confidentiality as specifically required in terms of statute, by regulator or similar competent authority. In terms of Paragraph 6 of this Accounting Standard, in case a statute or regulator governing an enterprise prohibits the enterprise from disclosing certain information which is required to be disclosed, non-disclosure of such information would not be deemed as non-compliance with the Accounting Standards. It is clear from the above that on account of the judicially recognized common law duty of the banks to maintain the confidentiality of the customer details, they need not make such disclosures. In view of the above, where the disclosures under the Accounting Standards are not aggregated disclosures in respect of any category of related party i.e., where there is only one entity in any category of related party, banks need not disclose any details pertaining to that related party other than the relationship with that related party.
the following are all related parties
Amar Talwar
Rajinder Singh Talwar
Tania Soni
Sabre World Wide
Saber Mauritus
And some other and how are they are they registered and how were they allowed in India