The Reserve Bank of India could push the implementation of Ind-AS — the Indian version of global accounting standards — to fiscal 2023, seeing poor preparedness of banks to make the transition. The new rules are expected to add to the burden of higher capital requirement for banks, especially loanloss provisions. It is estimated that PSU banks would require an additional Rs 1.1 lakh crore to immediately adhere to the accounting rules if implemented. “Balance sheets of Indian banks, especially public sector ones, are not robust to deal with the impact of implementation of the new accounting norms,” said PwC partner and financial risk & regulation leader Kuntal Sur. While the RBI conducted an impact assessment on the implementation of Ind-AS in 2016, banks already submit parallel accounting based on the new system.