What changed
RBI replaced the earlier 2005 Calendar of Reviews with a revised version effective June 1, 2008. The new calendar reduces the mandatory review burden on boards by focusing on critical minimum items, such as funds management, NPA slippages above Rs 5 crore, and compliance on an exception basis. Boards retain discretion to add reviews tailored to their needs.
What it means for you
Public sector banks must align their board and committee review schedules with the revised calendar from June 1, 2008. The emphasis on exception-based compliance and qualitative market trend analysis will streamline board discussions, but banks must ensure timely placement of reviews or document delays with reasons. This shift aims to make board oversight more efficient and relevant to current banking concerns.
What you must do
- Update internal board and committee review schedules to match the revised calendar effective June 1, 2008.
- Ensure funds management reports include CRR/SLR compliance, deposit growth, and investment policy adherence without transaction-level details.
- Prepare NPA slippage and recovery reports for accounts with outstanding of Rs 5 crore and above, and recoveries of Rs 1 crore and above.
- Implement exception-based compliance reporting and include qualitative market trends in position reports.
- Document reasons for any delay in placing reviews before the board and communicate revised timelines.
Who it affects
Public sector banks, Board of directors, Management committees, Audit committees, Risk management committees
When does the revised calendar take effect?
The revised Calendar of Reviews must be implemented from June 1, 2008, as per the RBI circular dated April 22, 2008.
Can banks add their own review items beyond the minimum?
Yes, the circular explicitly states that bank boards have discretion to prescribe additional reviews to suit their specific requirements.
What happens if a review cannot be placed in the due month?
A note must be submitted to the board explaining the reasons for the delay and indicating when the review will be placed.