The submission of returns to RBI has to be done by all banks in India. There are various returns which need to be submitted to multiple authorities in order to maintain the smooth running of banking system.
Every banking company has to furnish monthly return of its assets to RBI as per provisions of Section 24(3) of Banking Regulation Act, 1949. The return should not be submitted later than twenty days after the end of the month to which it relates. The return should show the particulars of its assets and demand and time liabilities in India at the close of business on each alternate Friday during the month.
Under provisions of Section 27 of banking regulation act, every banking company has to submit a return to RBI which shows its assets and liabilities in India as at the close of business on the last Friday of every month. The said return should be submitted before the close of the month succeeding that to which it relates. Apart from this, the Reserve Bank can direct a banking company to submit such statements and information relating to its business or affairs as it consider necessary. The Reserve Bank may call for information every half-year regarding the investments of a banking company and the classification of its advances in respect of industry, commerce and agriculture.
Under provisions of Section 25(2) of banking regulation act, every banking company has to submit a quarterly return to Reserve Bank which shows its assets in India. Such return should be submitted within one month from the end of every quarter
Under provisions of Section 26 of Banking regulation act, every banking company has to submit a return to Reserve Bank which furnishes all accounts which have not been operated upon for ten years. Such a return should be submitted within thirty days after the close of each calendar year. In case such an account is for fixed period, the said term of ten years should be reckoned from the date of the expiry of such fixed period.
Under provisions of Section 18(1) of Banking regulation act, every banking company which is not a scheduled bank has to submit a return showing the cash reserve held by bank held on alternate Fridays during a month with particulars of its demand and time liabilities in India on such Fridays. Such a return has to be filed before the twentieth day of every month.
Under provisions of Section 42(2) of Reserve Bank of India act, every schedule bank has to submit return to Reserve Bank which shows the amount of its demand and time liabilities and the amount of its borrowings from banks in India.
The accounts and balance-sheet together with the auditor’s report shall be published in the prescribed manner and three copies thereof shall be furnished as returns to the Reserve Bank within three months from the end of the period to which they refer
Read Next: Preservation of Records and Return of Paid Instruments
Download this article as PDF
Click to go to JAIIB Preparation Page
Tags: submission of returns to RBI
ECGC PO Course 2022
SIDBI Grade A Course 2022
RBI Assistant Course 2022
SSC CHSL Course 2022
DSSSB JE Electrical 2022
Punjab Civil Services 2022
ESIC Deputy Director 2022