What changed
RBI revised the formats of quarterly statements SCRC 1 and SCRC 2 based on experience gained from earlier submissions. The first statement in the new format is required for the quarter ending December 31, 2008, replacing the previous format used since April 2007.
What it means for you
Securitisation and Reconstruction Companies must update their internal reporting systems to capture the revised data fields in SCRC 1 and SCRC 2. The new formats likely require more granular details on asset acquisition, resolution, and security receipts, which may impact compliance timelines and data quality. Banks dealing with these entities should ensure their counterparties adhere to the revised reporting to avoid regulatory gaps.
What you must do
- Update internal reporting templates to align with the revised SCRC 1 and SCRC 2 formats.
- Ensure the first revised quarterly statement is submitted for the quarter ending December 31, 2008, within 15 days of quarter close.
- Verify that all data fields, including those on asset acquisition, resolution, and security receipts, are accurately captured.
- Coordinate with the Department of Non-Banking Supervision, Central Office, Mumbai for submission.
Who it affects
All registered Securitisation Companies (SCs), All registered Reconstruction Companies (RCs), Banks and FIs that sell financial assets to SCs/RCs, RBI's Department of Non-Banking Supervision
When is the first revised quarterly statement due?
The first revised statement in the new format is due for the quarter ending December 31, 2008, and must be submitted within 15 days of the close of that quarter.
Where should the revised statements be submitted?
The statements should be submitted to the Department of Non-Banking Supervision, Central Office, Reserve Bank of India, 2nd floor, 'B' Wing, World Trade Centre, Centre I, Cuffe Parade, Colaba, Mumbai 400005.
What is the legal basis for this circular?
The instructions are issued under Section 12A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).