What changed
RBI has rationalized NBFC reporting by making NBS-1 (deposits) and NBS-2 (prudential norms) quarterly instead of annual and half-yearly respectively. NBS-7 (capital funds for ND-SI NBFCs) is now quarterly instead of annual. NBS-5 is withdrawn as NBS-1 now covers deposits quarterly. Other returns like NBS-3, NBS-6, and monthly returns for ND-SI NBFCs retain their existing periodicity.
What it means for you
NBFCs must now submit deposit and prudential data more frequently, increasing compliance burden but giving RBI and firms better real-time oversight. The shift to quarterly NBS-7 for systemically important non-deposit taking NBFCs tightens monitoring of capital adequacy. Online submission via the RBI portal becomes mandatory, requiring system upgrades.
What you must do
- Submit NBS-1, NBS-2, and NBS-7 in revised formats for the quarter ended June 2011 immediately.
- File NBS-3 for quarter ending September 2011 and monthly returns (NBS-6, ND-SI monthly) from September 2011 in new formats.
- Ensure all returns are submitted online through the RBI portal at https://cosmos.rbi.org.in.
- If you missed NBS-1 for March 2011 (annual), submit it urgently in the revised format.
- Acknowledge receipt and confirm compliance to your respective RBI Regional Office.
Who it affects
All deposit-taking NBFCs (NBFCs-D), Non-deposit taking systemically important NBFCs (NBFCs-ND-SI)
Which returns have changed frequency?
NBS-1 (deposits) changed from annual to quarterly, NBS-2 (prudential norms) from half-yearly to quarterly, and NBS-7 (capital funds for ND-SI NBFCs) from annual to quarterly. NBS-5 is withdrawn.
When should the first revised returns be submitted?
NBS-1, NBS-2, and NBS-7 for the quarter ended June 2011. NBS-3 for quarter ending September 2011. Monthly returns (NBS-6, ND-SI monthly) from September 2011.
How should returns be filed?
All returns must be submitted online in revised formats via the RBI portal at https://cosmos.rbi.org.in.