RBI Issues Master Direction for Filing of Supervisory Returns

Last updated: 28 February 2024

Save Share

Quick Summary

The Reserve Bank of India (RBI) has released a new Master Direction for the filing of Supervisory Returns. This aims to simplify and harmonise instructions for supervised entities regarding the submission of data. The direction consolidates multiple existing instructions into a single document, removing obsolete requirements and clarifying the purpose and timelines for submitting returns. This initiative is part of the RBI's ongoing efforts to reduce compliance burdens for regulated entities.

Master Direction - Reserve Bank of India (Filing of Supervisory Returns) Directions - 2024

As announced in Statement on Developmental and Regulatory Policies issued as part of Monetary Policy Statement dated August 10, 2023, the Reserve Bank has issued Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024 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.

RBI Master Direction for Supervisory Returns Filing

The Master Direction provides a broader framework to understand the purpose of the returns and harmonises the timelines for their submission. This Direction removes certain instructions that have become obsolete and consolidates twenty existing instructions, including one Master Direction for Non-Banking Financial Companies. It creates a single document for ensuring compliance related to submission of all supervisory data. A summary of all changes made are also included in the Master Direction for ease of reference.

FAQ :

The Master Direction aims to bring clarity, brevity, and harmonisation to the instructions for supervised entities concerning the submission of supervisory returns.

This direction applies to various entities supervised by the Reserve Bank of India.

It removes obsolete instructions, consolidates twenty existing instructions into a single document, and harmonises timelines for return submissions.

Yes, this is part of a series of steps by the RBI to reduce the compliance burden on regulated entities, based on recommendations from RRA 2.0 and an Internal Working Group.

Yes, a summary of all changes made is included within the Master Direction for ease of reference.

1623 Views Comment Share Community & General Report

News posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

View News

Comments :