Genesis

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
• Compliance
• 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

• Handle direct and indirect taxation matters for NABARD
• Income-tax compliance: Filing of Income Tax Return and e-TDS Returns
• GST compliance: Filing of Monthly GST Returns
• Conduct of audit under Income-tax and GST Laws
• Coordination with Income-tax and GST authorities
• Attend Court cases relating to taxation matters

IV) Compliance

• Submit compliance to observations of Statutory Auditors, Concurrent Auditors, Audit Committee of Board, etc.
• Submit periodical returns to RBI.

V) Centralised Receipts Vertical

• Demand Generation and follow-up with Regional Offices / Clients for repayment of loans, payment of interest and other dues, etc.
• Centralised Accounting of loaning and administrative receipts
• Monitoring of Overdue reports
• Obtaining Balance Confirmation Certificate from clients on half-yearly basis.
• Liaison with Regional Offices for payments and receipts

Contact Information

Shri Alok C. Jena
Chief General Manager
2nd Floor, ‘E’ Wing
C-24, ‘G’ Block
Bandra-Kurla Complex, Bandra (East),
Mumbai -400051
Tel: (91) 022-26530019
Fax: (91) 022-26530050
E-mail Address: ad@nabard.org

Information under RTI – Section 4(1)(b)