RBI Rules: A single document has been issued consolidating all the instructions to ensure compliance regarding submission of monitoring data for banks and non-banking financial companies (NBFCs).
Reserve Bank of India (RBI) on Tuesday eased the compliance of rules regarding monitoring information for banks and non-banking financial companies (NBFCs). Under this, a single document has been issued consolidating all the instructions to ensure compliance regarding submission of monitoring data for banks and non-banking financial companies (NBFCs).
The ‘Master’ Guidelines – Reserve Bank of India (Inspection-Related Filing of Information) Guidelines – 2024 provide a comprehensive framework to understand the purpose of furnishing information and harmonize the timelines for their submission, the RBI said in the statement. .
These rules are for banks and NBFCs
All units under surveillance…Commercial Banks, Co-operative Banks, EXIM Bank (Export Import Bank of India), NABARD, NHB (National Housing Bank), SIDBI, NABFID (National Bank for Financing Infrastructure and Development) and NBFCs – It is required to submit surveillance related information or returns to the Reserve Bank in accordance with various instructions, circulars and notifications issued by the Central Bank from time to time.
Surveillance related returns relate to periodic/temporary data submitted to RBI in the formats prescribed from time to time. “In order to create a single reference for all returns related to monitoring and to harmonize the timelines for filing returns, all relevant instructions have been rationalized and combined into a single master guideline,” RBI said.
Some guidelines have been removed
The ‘Master’ Guidelines also contain a list of notifications and circulars which have been repealed. The set of applicable returns to be filed by the entities under surveillance and the general description of the returns have also been compiled in a single document.
“In this, some instructions which have become obsolete have been removed and 20 existing instructions, including a master guideline for non-banking financial companies, have been brought together,” the central bank said. It facilitates a single document to ensure compliance with all the data submission rules related to monitoring. Also, for ease of reference, a summary of all the changes made has also been included in the ‘Master’ Guidelines.
Said to issue master circular
Due to change in technology platforms, methods of submission and timelines for submission of returns, the concerned units were facing certain issues while complying with these instructions. In this context, the Reserve Bank had announced in August last year that ‘Master’ guidelines would be issued to provide more clarity and reduce the compliance burden.
On the responsibilities of the Board of Directors and senior management of supervised entities, the ‘Master’ Guidelines state that risk data collection capabilities and risk reporting activities should be fully documented and subject to high standards of verification. Should be under. “The board of directors and senior management should ensure that adequate steps are taken for this purpose,” it said.
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