COVID-19: RBI grants more time to banks to file regulatory returns

Mumbai, Apr 30 () The RBI on Thursday permitted banks to file regulatory returns with a delay of up to 30 days from the due date as several entities face difficulties in timely submission in view of the disruptions on account of the coronavirus outbreak.

The central bank 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," the Reserve Bank of India said in a circular.

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 upto 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 that 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 09:00 hrs to 23:59 hrs as against the usual 17:30 hrs to 23:59 hrs.

The timings were earlier revised from March 31 till April 30. NKD CS RVK