Banking · Bank Bookkeeping and Audit
According to standard banking accounting procedures and RBI internal control guidelines, what is the mandatory requirement for rectifying an erroneous entry discovered in a bank's books of account after the day's books have closed and the trial balance has been generated?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Overwriting or using fluid to correct the entry in the physical register.
- 2Reversing the wrong entry by passing fresh rectification entries with detailed narration and referencing the original voucher.✓
- 3Ignoring errors below five thousand rupees based on materiality thresholds.
- 4Manually deleting database entries directly without maintaining an audit trail.
Correct answer
Reversing the wrong entry by passing fresh rectification entries with detailed narration and referencing the original voucher.
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