What changed
RBI now requires AD Category-I banks to send branch categorisation changes to DESACS instead of earlier unspecified offices. Banks must use RBIMOF software for Proformae I/II and email soft copies. An annual certificate on branch data completeness is due by January 15 to the Chief General Manager, FED, with the first report within two months of this circular.
What it means for you
Banks must update their reporting process to ensure branch categorisation data is sent to DESACS via email with RBIMOF-generated files. The annual certificate adds a compliance layer, requiring banks to verify and certify branch data accuracy.
What you must do
- Update internal processes to report branch categorisation changes to DESACS at the specified Mumbai address via email with soft copies in Proformae I/II.
- Install and use RBIMOF software from RBI website to prepare Proformae I/II for data compatibility.
- Submit an annual certificate on branch data completeness and correctness to the Chief General Manager, FED (Trade Division), by January 15 each year, with the first report within two months of this circular.
- Verify that branch data on RBI's public directory is accurate and send any discrepancies to DESACS within one month of this circular.
Who it affects
AD Category-I banks, Branches dealing in foreign exchange, Compliance and reporting teams at banks
What is the deadline for submitting the annual certificate on branch data?
The annual certificate must reach the Chief General Manager, FED (Trade Division), by January 15 each year, covering data as at end of December. The first certificate is due within two months from the date of this circular.