The Accounts Department of NABARD became operational in 2008, following the reorganization of the erstwhile Funds and Accounts Department (FAD), which had been managing the accounts related work for NABARD since 1982, the year in which NABARD was set up.
2. Core Functions of the Department
The Accounts Department has five sections:
• Central Accounts Section
• Budget Cell
• Corporate Tax Cell
• Centralised Receipts Vertical
3. The functions of the each of these sections are as follows:
I) Central Accounts Section
- Formulate accounting policies/procedures for recording of accounts and maintenance of books
- Coordinate with statutory auditors for timely completion of limited review at quarterly intervals.
- Conduct a quarterly review of capital to risk-weighted assets ratio (CRAR), non-performing asset (NPA) accounts/provisioning etc.
- Declare half-yearly financial results
- Conduct of Statutory audit as on 31 March every year.
- Prepare the balance sheet and profit and loss account of the bank
- Coordinate with Consultants for implementation of IndAS.
II) Budget Cell
- Prepare budget for administrative expenditure (revenue & capital)
- Review administrative expenditure vis-à-vis the approved budget at quarterly intervals
III) Corporate Tax Cell
- Submit compliance to observations of Statutory Auditors, Concurrent Auditors, Audit Committee of Board, etc.
- Submit periodical returns to RBI.
V) Centralised Receipts Vertical