What changed
Previously, SC/RCs submitted SCRC 1 and SCRC 2 by post to RBI's Mumbai office. Now, from the quarter ending March 31, 2014, these returns must be filed online via the RBI's COSMOS portal. For the December 2013 quarter, companies can choose either online or postal submission.
What it means for you
This shift to online filing streamlines data collection for RBI and reduces manual handling for SC/RCs. Banks and lenders dealing with SC/RCs should expect faster regulatory reporting and easier compliance tracking. The 15-day deadline remains unchanged, so internal processes must align with the new digital channel.
What you must do
- Ensure your SC/RC registers and tests access to the COSMOS portal at https://cosmos.rbi.org.in before March 31, 2014.
- Submit the December 2013 quarter statements either online or by post, as per your preference.
- From Q1 2014 onward, file SCRC 1 and SCRC 2 online within 15 days of quarter-end.
- Update internal compliance calendars to reflect the online submission process.
Who it affects
All registered Securitisation Companies (SCs), All registered Reconstruction Companies (RCs), RBI's Department of Non-Banking Supervision
What are SCRC 1 and SCRC 2?
These are quarterly returns that SC/RCs must file with RBI under the SARFAESI Act. SCRC 1 and SCRC 2 capture financial and operational data.
What is the deadline for filing these statements?
The statements must be submitted within 15 days of the close of the quarter to which they pertain.
Can we still file by post for the December 2013 quarter?
Yes, for the quarter ending December 2013, you have the option to file either online or by post. From March 2014 onward, only online filing is allowed.