The Reserve Bank of India (“RBI”) has issued the Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024 (“Master Direction”) to bring clarity, brevity and harmonization to the instructions issued to various supervised entities for submission of returns. This is part of a series of steps initiated by RBI to 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.
The Master Direction provides a broader framework to understand the purpose of the returns and harmonises the timelines for their submission and removes certain instructions that have become obsolete and consolidates 20 existing instructions. It creates a single document for ensuring compliance related to submission of all supervisory data.
The Master Directions have gained immediate effect.
Key Takeaways:
- Revised timelines for filing returns
| Return Name | Existing Timelines | Revised Timelines |
| DNBS01, DNBS03, DNBS4A, DNBS07, DNBS11, DNBS12, DNBS13, and DNBS14 | Within 15 days from the Reference Date | Within 21 days from the Reference Date |
| DNBS02 | Frequency – Annual- Timeline – Within 60 days from Reference Date | Frequency – Quarterly- Timeline – Within 21 days from Reference Date |
| DNBS4B | Within 10 days from the Reference Date | Within 15 days from the Reference Date |
| DNBS08 – CRILC (Main) | Within 21 days from the Reference Date | Within 15 days from the Reference Date |
- Repeal : The Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 has been repealed.
- As (Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023, the Regulatory structure for NBFCs now comprise of four layers. Accordingly, the schedule of returns for NBFCs has been revised to reflect the applicability as per these four layers and the revised framework. The applicability of each return for NBFCs has been provided in Annex III of the Master Direction.
- The timelines for submission of returns, in general, will depend on the frequency at which the return is to be submitted. The principles for the same has also been tabulated in the present Master Direction.
- Ad-Hoc / Additional Returns: The RBI may introduce new returns / withdraw existing returns (both ad-hoc/ regular) for submission by SEs and inform such entities suitably.
- Mode of submission of Returns: The returns have to be submitted in online mode. Returns submitted in hard copy format through hand delivery/ post/ courier, or in soft copy format through e-mails, will not be accepted (i.e., would not be deemed to have been submitted by SEs), unless prescribed. As a contingency measure, in case of non-availability of on-line portals, SEs may be advised to submit the returns through email. However, SEs shall re-submit the return through online mode soon after its availability.
Please refer to the hyperlink below for a detailed read of the Master Direction.
Source: Reserve Bank of India
