What changed
The time limit for filing monthly off-site returns under OSMOS has been reduced from 21 days to 15 days for foreign and new private banks, and from 30 days to 15 days for public sector and old private sector banks. For quarterly returns, the limit has been reduced from 30 days to 21 days for public and old private banks, while foreign and new private banks already had a 21-day limit which remains unchanged. The revised schedule applies from the quarter ending June 2005.
What it means for you
Banks must now submit monthly OSMOS returns within 15 days and quarterly returns within 21 days of the reference period close, significantly compressing the data consolidation window. This reflects RBI's expectation that improved computerisation and branch networking enable faster data aggregation. Non-adherence to the revised schedule could invite supervisory scrutiny, as the regulator emphasises personal attention from top management.
What you must do
- Update internal data collection and consolidation processes to meet the 15-day monthly and 21-day quarterly deadlines from June 2005.
- Ensure branch-level systems are aligned to transmit data promptly to central offices for timely return filing.
- Assign a senior officer to monitor compliance with the revised schedule and report any bottlenecks to the CEO.
- Acknowledge receipt of this circular to RBI as instructed.
Who it affects
All scheduled commercial banks excluding Regional Rural Banks, Foreign banks operating in India, New private sector banks, Public sector banks, Old private sector banks
What is the new deadline for monthly OSMOS returns?
Effective from the quarter ending June 2005, all banks must file monthly OSMOS returns within 15 days from the close of the month, replacing the earlier 21-day limit for foreign/new private banks and 30-day limit for public/old private banks.
Does this circular affect quarterly return deadlines?
Yes, for public sector and old private sector banks, the quarterly return deadline is reduced from 30 days to 21 days. For foreign and new private banks, the existing 21-day quarterly deadline remains unchanged.
Which returns are covered under the revised schedule?
The revised deadlines apply to Tranche I and II returns including monthly returns like ALE, RAQ, STL, IRS, MAP, SIR, and quarterly returns such as RCA, ROR, RLC, RCL, ROC, RBS1, RIS, and others as listed in the circular.