What changed
RBI revised the reporting formats for Statement II (Parts A to E) and Statement III (Parts A and B) for priority sector lending data. The submission frequency to Regional Offices changed from half-yearly to yearly, with a deadline of 15 days after the financial year end. The first set under new formats is due by April 15, 2009.
What it means for you
UCBs must adopt the new formats for annual PSL data reporting to RBI, reducing submission frequency but requiring strict adherence to the 15-day post-year deadline. The half-yearly board reporting (Statement I) and annual board review (Statement II Part A) remain unchanged, ensuring internal oversight continues. Banks need to update their reporting processes to avoid compliance gaps.
What you must do
- Replace existing Statement II and III formats with the revised versions for annual submissions to your Regional Office.
- Submit the first set of returns under new formats by April 15, 2009, covering data as of March 31, 2009.
- Continue submitting Statement I to the Board half-yearly (by Sep 30 and Mar 31) and annual review (Statement II Part A) by April 15 each year.
- Ensure the annual review includes Board observations and steps for improvement if there is a shortfall, and send it to the Regional Office within one month of March 31.
Who it affects
All Primary (Urban) Co-operative Banks (UCBs), Board of Directors of UCBs, Regional Offices of RBI (Supervision Department)
What is the deadline for submitting the first revised PSL return?
The first set of returns under the new Statement II and III formats must be submitted by April 15, 2009, to the concerned Regional Office.
Are there any changes to the half-yearly board reporting?
No, Statement I for half-yearly board reporting (as on Sep 30 and Mar 31) remains unchanged. Only the annual RBI submissions (Statement II and III) have revised formats and a yearly frequency.