What changed
RBI has decided to discontinue submission of the SFR VIII return, which was one of the SFR returns banks were required to file. This change takes effect from the fortnight starting July 12, 2013. Other SFR returns/statements—SFR II, SFR III, and the statement on daily maintenance of SLR—remain mandatory.
What it means for you
Banks can reduce their reporting burden by one return, freeing up operational resources. However, the core SLR compliance reporting via the separate daily maintenance statement continues unchanged. This rationalisation aligns with RBI's ongoing efforts to simplify regulatory submissions without compromising oversight.
What you must do
- Stop submitting SFR VIII return from the fortnight beginning July 12, 2013.
- Continue filing SFR II, SFR III, and the statement on daily maintenance of SLR as per existing instructions.
- Acknowledge receipt of this circular to your regional RBI office.
Who it affects
All scheduled commercial banks, Bank compliance and reporting departments, Treasury and SLR management teams
Which return is being discontinued?
The SFR VIII return is being discontinued.
Do we still need to report SLR compliance?
Yes, the separate 'statement on daily maintenance of SLR' continues to be required.