The Reserve Bank of India (RBI) has decided to extend the deadline for submission of various regulatory returns, including those relating to aggregate resources raised, large exposure, and disposal of non-banking assets.

All Scheduled Commercial Banks (including Regional Rural Banks and Small Finance Banks), Payments Banks and Local Area Banks, all India Financial Institutions, and all Co-operative Banks can now submit returns with a delay of a maximum of 30 days from the due date.

The central bank said this move is to mitigate the difficulties in timely submission of various regulatory returns in view of disruptions on account of COVID-19 pandemic.

“All regulatory returns required to be submitted by the above 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,” the RBI said.

However, there is no extension in timeline for submission of statutory returns -- returns prescribed under the Banking Regulation Act, 1949, RBI Act, 1934 or any other Act (for instance, returns related to Cash Reserve Ratio/Statutory Liquidity Ratio).

comment COMMENT NOW