Section 32 of the Banking Regulation Act, 1949: Copies of Balance-Sheets and Accounts to Be Sent to Registrar

Section 32 of the Banking Regulation Act, 1949 deals with the forwarding of specified annual accounts, balance-sheets and auditor reports to the Registrar when a banking company furnishes those documents under Section 31. It also requires a copy of additional information supplied to the Reserve Bank under Section 27(2) to be sent to the Registrar.

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Meaning and Purpose of Section 32

Section 32 is a filing and information-sharing provision. It connects the annual return requirements under Section 31 with the Registrar and also ensures that additional information called for by the Reserve Bank under Section 27(2) is copied to the Registrar.

In practical terms, the provision is intended to avoid unnecessary duplication where the prescribed copies have already been sent in accordance with the Banking Regulation Act, while ensuring that the Registrar receives the relevant financial and audit material.

Statutory Text of Section 32

32. Copies of balance-sheets and accounts to be sent to registrar.

(1) Where a banking company in any year furnishes its accounts and balance-sheet in accordance with the provisions of section 31, it shall at the same time send to the registrar three copies of such accounts and balance-sheet and of the auditor's report, and where such copies are so sent, it shall not be necessary to file with the registrar, in the case of a public company, copies of the accounts and balance-sheet and of the auditor's report, and, in the case of a private company, copies of the balance-sheet and of the auditor's report as required by sub-section (1) of section 220 of the Companies Act, 1956 (1 of 1956); and the copies so sent shall be chargeable with the same fee and shall be dealt with in all respects as if they were filed in accordance with that section.

(2) When in pursuance of sub-section (2) of section 27 the Reserve Bank requires any additional statement or information in connection with the balance-sheet and accounts furnished under section 31, the banking company shall, when supplying such statement or information, send a copy thereof to the registrar.

Legislative note: Sub-section (1) was substituted by Act 33 of 1959, section 19, with effect from 1 October 1959.

Key Compliance Requirements Under Section 32

When Section 31 documents are furnished: the banking company must at the same time send three copies of the accounts, balance-sheet and auditor's report to the Registrar.

When RBI asks for additional information under Section 27(2): a copy of the additional statement or information must also be sent to the Registrar.

1. Link with Section 31

Section 31 concerns submission of the accounts, balance-sheet and auditor's report. Section 32 operates alongside that obligation by requiring corresponding copies to be sent to the Registrar. See Section 31 - Submission of returns.

2. Link with Section 27(2)

Section 27 empowers the Reserve Bank to obtain returns and information. Where additional information is required in connection with the balance-sheet and accounts, Section 32(2) requires the banking company to send a copy of that information to the Registrar as well.

Section 32 should be read together with the surrounding financial reporting, audit and supervisory provisions of the Banking Regulation Act, particularly Sections 29, 30, 31 and 33.

Continue to Section 33 - Display of audited balance-sheet by companies incorporated outside India.

Current Companies Act Context

Important: The consolidated text of Section 32 continues to contain the historical cross-reference to Section 220 of the Companies Act, 1956. The Companies Act, 2013 now contains the general provision governing filing of financial statements with the Registrar in Section 137. The statutory wording of Section 32 has therefore been reproduced above without alteration, while this note provides current company-law context.

For current statutory materials, refer to the official India Code page for the Banking Regulation Act, 1949 and the official Companies Act, 2013.

This page is intended as a legal information resource. For compliance, filing or litigation, verify the latest statutory text, rules, notifications, regulatory directions and applicable forms from official sources.