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Commercial banks will have to file audited returns within five days from the date of completion of the statutory audit of their books of accounts
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Tuesday issued a single document consolidating all directions to ensure compliance related to the submission of supervisory data by banks and non-banking financing companies (NBFC). Latest News | Supervisory Data Submission: RBI Issues Single Document for Compliance Requirements.
The central bank modified the norms to standardise the filing of supervisory returns by banks and NBFCs to bring clarity, brevity and harmonisation to the instructions issued to various supervised entities for return submission.
The Master Direction provides a broader framework to understand the purpose of the returns and harmonises the timelines for their submission, RBI said in a release.
The move will help reduce the burden of compliance on the regulated entities based on the recommendations of the Regulations Review Authority (RRA 2.0) and an Internal Working Group of RBI.