What changed
RBI replaced the earlier reporting system for priority sector advances with revised monthly, quarterly, and yearly statement formats. Four existing returns—Special Return I, Special Return III, Outstanding Credit to Medium Enterprises, and Education & Housing Loan statements—were discontinued effective April 1, 2013.
What it means for you
Banks need to align their internal data collection and submission processes with the new formats, which likely streamline and standardize priority sector reporting. The discontinuation of older returns reduces duplication, but banks must ensure timely submission of the revised statements to avoid compliance gaps.
What you must do
- Adopt the enclosed revised formats for monthly, quarterly, and yearly priority sector statements.
- Submit monthly and quarterly statements within 5 and 15 days of the reference date, respectively, starting from December 2012.
- Submit the yearly statement within one month of the reference date, starting from March 2013.
- Discontinue filing Special Return I, Special Return III, Outstanding Credit to Medium Enterprises, and Education & Housing Loan statements after March 31, 2013.
- Send all returns to RBI's Rural Planning and Credit Department, Central Office, Statistics Division, Mumbai.
Who it affects
All scheduled commercial banks (excluding Regional Rural Banks), Priority sector lending reporting teams, Compliance and data management departments
Which statements are being discontinued from April 1, 2013?
Four statements: Special Return I (direct agricultural advances), Special Return III (disbursal of priority sector advances), Outstanding Credit to Medium Enterprises, and Education & Housing Loan statements.
What are the new submission deadlines for the revised statements?
Monthly statements within 5 days, quarterly within 15 days, and yearly within one month from the reference date. Monthly and quarterly start from December 2012; yearly from March 2013.
Where should the revised statements be sent?
To the Rural Planning and Credit Department, Central Office, Statistics Division, 10th Floor, New Central Office Building, Shahid Bhagat Singh Marg, Mumbai 400 001.