The bank has also lined up plans to set up a money market mutual fund (MMMF) and has approached the Central Board of Direct Taxes (CBDT) for certain tax reliefs without which the fund would not be viable. The bank has recast its financial statements for 1997-98 in substantial compliance with international "Generally Accepted Accounting Principles" (GAAP) to augment its standing among foreign clients.

BoM director G Rajasekhar said that the uniform accounting would enable comparison with foreign banks and would also help overseas corporate bodies (OCBs) assess the performance of the company. Ravi Ramu, director of KPMG India Pvt Ltd, which helped BoM prepare its accounts in compliancewith GAAP, said that this would enable global benchmarking specifically with American and European banks. "GAAP provides for disclosures in terms of the profit & loss account and balance sheet and also accounting policies," said Ramu.