RBI asks banks to comply with instructions on reporting data

MUMBAI: Reserve Bank of India has pulled up banks for failing to follow instructions on reporting of revaluation of foreign currency assets / liabilities leading to errors and asked them to strictly comply with the norms.
While analysing the data received from banks, it is observed that banks are not complying with the instructions laid down on reporting revaluation, RBI said in a notification here on Tuesday.
Explaining the term revaluation value, the central bank said it is revaluation gain or loss of foreign currency assets/ liabilities arising due to change in exchange rate between the current reporting Friday and immediate preceding reporting Friday.