What changed
The NRD-CSR application was upgraded from version 2.1(R) to 3.0 to align with BIS International Banking Statistics compilation changes. Two new currencies—Australian Dollar and Canadian Dollar—were added, and maturity buckets for FCNR(B) deposits were increased. The Stat 5 and Stat 8 returns were revised, and banks must now submit soft copies in Excel format via email, with hard copies sent to DESACS.
What it means for you
Banks dealing in foreign exchange must update their reporting systems to comply with the new NRD-CSR version 3.0, which captures additional currencies and revised maturity structures. The shift to email submission of soft copies streamlines data collection for RBI, but banks need to ensure accurate and timely reporting to avoid compliance gaps. Co-operative and Regional Rural Banks must submit to their respective RBI Regional Offices.
What you must do
- Download and install NRD-CSR version 3.0 software from RBI's website (under Notification >> FEMA >> Electronic Reporting System).
- Submit revised Stat 5 and Stat 8 returns in Microsoft Excel format via email for data from April 2007 onwards.
- Send hard copies of the returns to the Director, DESACS, at the specified Mumbai address.
- Ensure your system captures the new currencies (AUD, CAD) and updated FCNR(B) maturity buckets as per DBOD circular dated July 26, 2005.
- For Co-operative Banks and Regional Rural Banks, submit soft and hard copies to the Regional Offices of the Foreign Exchange Department, Reserve Bank.
Who it affects
All banks authorized to deal in foreign exchange, Banks maintaining Non-Resident Deposit (NRD) accounts, Co-operative Banks and Regional Rural Banks handling NRD accounts
What is the effective date for the new NRD-CSR version 3.0?
The new version is effective for data from April 2007 onwards, meaning banks must submit data for April 2007 using the revised formats and software.
Do I need to change the structure of my NRD-CSR data submission?
No, the circular explicitly states there is no change in the structure of the NRD-CSR electronic format. However, the Stat 5 and Stat 8 returns have been revised, and submission must now include a soft copy via email.
Where should I send the hard copy of the returns?
Hard copies should be sent to The Director, Reserve Bank of India, Department of Statistical Analysis & Computer Services (DESACS), Balance of Payments Statistics Division, C-9/8, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051.