What changed
Earlier, all UCBs had to report call/notice money transactions daily by fax to MPD. With NDS reporting now stable, RBI has discontinued this fax requirement for NDS members. Non-NDS members still need to report by fax as before.
What it means for you
This reduces the reporting burden for UCBs that are NDS members, as they now only report via NDS. Non-NDS members face no change. Banks should ensure their NDS reporting is accurate and timely, as RBI may still request fax data if needed.
What you must do
- If your UCB is an NDS member, stop faxing call/notice/term money reports to MPD from December 11, 2004.
- Ensure all call/notice money deals are reported on the NDS platform as mandated.
- If your UCB is a non-NDS member, continue daily fax reporting to MPD as per earlier instructions.
- Keep records ready in case RBI requests money market transaction data by fax.
Who it affects
Primary (Urban) Co-operative Banks (UCBs), NDS member UCBs, Non-NDS member UCBs
Do we still need to fax call money reports to MPD?
Only if your bank is a non-NDS member. NDS members stopped fax reporting from December 11, 2004.
What if RBI needs additional data later?
RBI may call for information on money market transactions by fax if the situation warrants.