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All-India Financial Institutions must prepare balance sheets, profit and loss accounts, and Consolidated Financial Statements according to specific accounting standards and Reserve Bank of India directions. The Reserve Bank of India issues these directions under Section 45L of the Reserve Bank of India Act, 1934. The institutions must submit solo and consolidated financial statements to the Department of Supervision within one month from the publication of annual accounts. The institutions must also prepare Consolidated Prudential Reports on a half-yearly basis. These directions come into force with immediate effect and repeal earlier instructions.
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