The Reserve Bank of India (RBI) made it easier for banks and other financial companies to follow the rules about providing information.
They now have a single document that combines all the instructions for submitting data to the RBI.
This document, called the ‘Master’ Guidelines – Reserve Bank of India (Inspection-Related Filing of Information)
Guidelines – 2024, helps understand why information needs to be given and when it should be submitted. It’s for both banks and financial companies.
The rules apply to different types of financial institutions like Commercial Banks, Co-operative Banks, and others. They have to give specific information to the RBI regularly.
This information, known as surveillance-related returns, is data that’s submitted periodically to the RBI.
The RBI has combined all the instructions into one guideline to make it simpler for everyone.
Some old guidelines have been removed, and the ‘Master’ Guidelines also list the notifications and circulars that are no longer valid.
It explains what returns need to be filed and what they are about.
The RBI decided to create these guidelines to make things clearer and reduce the burden on banks and financial companies.
The document also includes a summary of all the changes made.
The RBI emphasized the importance of the Board of Directors and senior management ensuring that risk data collection
and reporting are well-documented and checked thoroughly. They need to make sure everything is done properly.
