Qualitative characteristics are the attributes that give the information handed in the financial statements useful for various decision makers. Financial information that's reported to facilitate profitable decisions should retain certain characteristics or normative norms. The information must be useful in the expression of objects, the making of decisions or the direction and control of resources to negotiate the objects. The utility of information lies in its capability to reduce the uncertainty about the factual state of affairs of an association to the decision makers. The characteristics make information a desirable commodity and guide the selection of favored accounting programs and styles from among available alternative. These characteristics have been viewed as a scale of qualities with utility of the most important decision making. According to the problem under study, banks should consider numerous factors to give a quality of financial reporting information. Therefore fastening on the National and International Accounting Standard (IAS), International Financial Reporting Standard (IFRS), General Accepted Accounting Principles (GAAP), factors of quality of the Accounting Information System (AIS), are veritably important for financial reporting information. This research study focuses on qualitative characteristics using financial reporting information in public sector banks and it's comparing with private sector banks to find the position of financial reporting information gap. This research work won't only increase the quality of financial reporting information in Indian banks but also supporting to increase global market share of Indian banks by ensuring further accuracy and transparences in financial reporting information.

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Keywords: Financial, Reporting, Standards, Accounting, Stakeholder, Organization, Contribution.