RBI Rules: Reserve Bank of India has issued new rules for banks, know what will be the impact on customers?

The Reserve Bank of India (RBI) on Tuesday eased compliance with rules related to monitoring of information for banks and non-banking financial companies (NBFCs). Under this, a single document has been issued consolidating all the instructions to ensure compliance with respect to submission of monitoring data for banks and non-banking financial companies (NBFCs).

The 'master' guidelines – Reserve Bank of India (Inspection of Information-Related Filings) Guidelines – 2024 provide a comprehensive framework for understanding the purpose of furnishing information and harmonizing the timelines for furnishing them, the RBI said in the statement. . ,

These rules are for banks and NBFCs

All units under supervision… Commercial Banks, Co-operative Banks, EXIM Bank (Export Import Bank of India), NABARD, NHB (National Housing Bank), SIDBI, NABFID (National Infrastructure and Development Finance Bank) and NBFCs – This is required by the Central Bank. Furnishing of monitoring information or returns to the Reserve Bank in accordance with various instructions, circulars and notifications issued from time to time.

Surveillance returns relate to periodic/temporary data submitted to RBI in formats prescribed from time to time. “In order to create a single reference for all returns related to monitoring and to harmonize return filing timelines, 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The 'Master' Guidelines also contain a list of notifications and circulars which have been superseded. The set of applicable returns to be filed by the entities under surveillance and the general description of the returns have also been compiled into a single document.

“It removes some of the instructions that have become obsolete and brings together 20 existing instructions, including a master guideline for non-banking financial companies,” the central bank said. It facilitates a single document to ensure compliance with all data submission rules related to monitoring. Additionally, for ease of reference, a summary of all changes made has also been included in the 'Master' guidelines.

Said to issue master circular

Due to changes in technology platforms, methods of submission and timelines for submission of returns, the units concerned 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 greater clarity and reduce 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.