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Streamlined Regulatory Reporting Across Specified Entities

– Archisman Bhattacharjee & Kaushal Shah | finserv@vinodkothari.com

What is the circular about?

In order to harmonise the procedure of filing of regulatory returns across Supervised Entities (SEs) and create a single reference point, the RBI has issued Master Directions RBI (Filing of Supervisory Returns) Directions, 2024 (‘Returns Master Directions’) on February 27, 2024. As stated in the Statement on Developmental and Regulatory Policies dated August 10, 2023, these directions consolidate and harmonize instructions for filing supervisory/ regulatory returns.  

Who is it applicable on?

The Returns Master Directions cover the following entities, collectively referred to as Supervised Entities (‘SEs’):  

  • All Commercial Banks including:
    • Public Sector Banks,  
    • Private Sector Banks,  
    • Small Finance Banks,  
    • Payments Bank,  
    • Local Area Banks, and 
    • Foreign Banks.
    • (excluding Regional Rural Banks)
  • Primary (Urban) Co-operative Banks. 
  • All India Financial Institutions (including Exim Bank, NABARD, NHB, SIDBI, and NABFID)
  • All NBFCs (excluding HFCs)
    • HFCs are excluded as their supervisory role is undertaken by NHB
  • All Asset Reconstruction Companies

From when are the new Returns Master Directions effective?

These Master Directions are effective immediately as on the date of notification (i.e. February 27, 2024)

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