COVID-19: Banks get 30 more days to file regulatory returns
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COVID-19: Banks get 30 more days to file regulatory returns

The Reserve Bank of India (RBI) on Thursday (April 30) allowed banks to file regulatory returns with a delay of up to 30 days from the due date as several entities have been facing difficulties in timely submission due to the disruptions caused by the COVID-19 outbreak.


The Reserve Bank of India (RBI) on Thursday (April 30) allowed banks to file regulatory returns with a delay of up to 30 days from the due date as several entities have been facing difficulties in timely submission due to the disruptions caused by the COVID-19 outbreak.

The RBI has listed 18 regulatory returns which banks and All India Financial Institutions can submit with a delay of a maximum 30 days. These include ‘payment of dividend’, ‘statement of shareholding (Restrictions on holding shares)’, ‘PSU investment statement’ and ‘return on large exposure’.

“In order to mitigate the difficulties in timely submission of various regulatory returns, in view of disruptions on account of COVID-19 pandemic, it has been decided to extend the timelines for their submission,” read a circular issued by the central bank.

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Accordingly, all regulatory returns required to be submitted by such entities to the Department of Regulation can be submitted with a delay of up to 30 days from the due date. “The extension will be applicable to regulatory returns required to be submitted up to June 30, 2020,” it said.

However, the entities that are in a position to submit the returns earlier may continue to do so. The circular also said all communication to the Department of Regulation should be through corporate e-mail to the extent possible (i.e., without involving physical movement of papers).

RBI further said “no extension” in timeline is permitted for submission of statutory returns like returns related to CRR/SLR.

The RBI has also extended the revised window timings of “Fixed Rate Reverse Repo and MSF operations” till further notice in view of the continuing disruptions caused by COVID-19. The revised timing is 9 am to 11:59 pm as against the usual 5:30 pm to 11:59 pm. The timings were earlier revised from March 31 till April 30.

(With inputs from agencies)

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